by John Darer CLU ChFC CSSC RSP CLTC
I applaud the effort of New York personal injury attorney John H. Fisher to encourage other attorneys to insist on the mandatory disclosure required under New York General Obligations Law 5-1702 for structured settlements. My personal experience is that there is a distinct lack of knowledge of this statute in both the plaintiff and defense bar.
I am disappointed however, with attorney Fisher's choice to associate the word "scammed" with structured settlement. In my personal opinon the word "scam" is used far too freely in today's society to describe things that are not scams, without regard to the possible damage that it would cause. Regardless of his personal feelings about structured settlements, Mr. Fisher has agreed to structured settlements involving his clients and works with structured settlement brokers or settlement planners.
Fisher also inaccurately states that "liability insurance companies will insist that you use their structured settlement broker so they can keep the lucrative 4% commission payable by the life insurance annuity issuer". This statement, which is utter nonsense because if Fisher and/or his client retained a broker or settlement planner of their own, that broker or planner would receive the same commission. Rebating is illegal. It is not permitted under New York Insurance law.