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April 08, 2012

Structured Settlement General Agent Offered To Sell Annuitant List to Factoring Company

The structured settlement watchdog John Darer has recently learned from the  factoring company that was offered a structured settlement agency's book of annuitant contact information within the last several years, the identity of the structured settlement agency and the parties involved in the discussions. According to our sources, the discussions proceeded to the level where contracts were drawn up, although the deal did not conclude because the would be seller in question "had other ideas".

The identity of the structured settlement general agent will not be revealed at this time. This post is a call to that structured settlement general agent to resign immediately.

The general agent in question is still active in the structured settlement primary market and holds appointments with structured annuity companies. The life insurance companies that issue structured annuity contracts issue statements to annuitants about the use of confidential and protected information, in compliance with Federal and State Laws, such as the Gramm Leach Bliley Act. Contracted agents, including general agents are expected to comply as part of the contracts they sign in order to receive appointments with those companies. Those that do not comply expose the annuity issuers to peril, hurt the credibility of the industry and, in my opinion, should not be tolerated under any excuse.

Transparency is critical in any financial profession and indisputably in the public interest.  With this in mind, the structured settlement watchdog has been conducting an ongoing investigation into covert activities in the structured settlement industry. In June 2011, Mark Wahlstrom and John Darer did this podcast which aired on Legal Broadcast Network...

       

In this podcast Mark Wahlstrom related how three of his clients were contacted on cases where the structured settlements were not part of any court record.

We will continue to "connect the dots". 

Of particular interest:

  1. Whether or not structured settlement brokers and/or settlement planners affiliated with the subject structured settlement general agency had knowledge that information concerning annuitants they were placing through the agency would later be sold by the general agent to third parties (i.e. a factoring company)?
  2. Whether or not the general agency concealed the reckless activity from its affiliated brokers and agents exposing them to unknown perils?

 

 

Posted at 10:30 AM in Legal Broadcast Network, Structured Settlement Broker Business Practices, Structured Settlements: Privacy Issues |

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
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  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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