The New Year wouldn't be the same without giving my "friends" at Forge Consulting a little toot.
Forge was commended by us in September for being the only settlement firm oiher than this author's to state the full legal name of the insurance company and the city and state of its home office on its website in compliance with § 2122(b) of the New York insurance law. Well that is until a peek at the Forge Consulting website today appeared to support that such praise be shortlived.
Here's a slice of what appeared on Forge website at the time of this posting:
"FORGE Consulting is proud to be directly appointed with the following life insurance companies, which are described as Structured Settlement Provider Company members by the NSSTA (http://www.nssta.com/Resource.phx/public/member-links.htx).
FORGE Consulting provides access to these highly rated life insurance companies. These valuable relationships are an integral part of our ability to provide the best possible settlement in the industry...
American International Life Assurance Company of New York - New York, NY
Hartford Life Insurance Company - Hartford, CT
This author understands that Forge Consulting (and several others) no longer writes new structured settlement annuity business directly with ANY of the companies listed above. Here's what we know:
- Hartford Life Insurance Company is no longer "described as a Provider member of NSSTA" and hasn't been writing structured settlements for over two months.
- At year end John Hancock Life Insurance Company was merged in to John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York was made the New York unerwiting company. Directly appointed brokers were notified of the merger in September and reminded of it later in the Fall. But I guess that's not enough for some! Furthermore, when it comes to the former home office of John Hancock's former structured settlement underwriting company one wonders were the Forge "fly boys" thinking "Bosom" or "Boston"?
- It is industry knowledge that American General Life Insurance Company and American International Life Assurance Company of New York pulled the appointments of several agencies, including Forge in December. While technically the agencies were notified in writing that the appointments end in February, I confirmed today that neither Forge, nor the others, can place further structured settlement business with the two companies directly. Any new business would need to be pipelined through another broker. From a privacy standpoint medical records would not be able to be submitted without having to first be routed through the pipeline broker.
- For some reason the Forge Consulting still emphasizes the easily disproven lie that it is "the first major new firm in the structured settlement industry in more than a decade" on its website and in other advertising with trial law associations all over its footprint.
When will Forge Consulting make the necessary changes to its website to comply with New York insurance law as it applies to advertising by agents and brokers?