by John Darer CLU ChFC MSSC RSP CLTC
The National Association of Settlement Purchasers (NASP) has released the agenda for its annual meeting in November 2014 in San Antonio, Texas. It is notable that a considerable amount of time is devoted to ethical issues related to the structured settlement transfer market segment and judging by the following topics, that there is a tacit acknowledgment that some of its members and/or non-members are engaging in unethical conduct.
- Litigation Update and The Impacts of Unethical Conduct
- Ethics Issues in Structured Settlement Transfers
- Practical and Ethical Consideration in Structured Settlement Transfers
- Illinois Transfers (i.e.what is happening at the scene of the Brenston case and the class action that followed)
The primary market segment features Peter Arnold of Arnold Consulting, former PR guru and deputy Executive Director for the National Structured Settlement Trade Association from March 2010 until a few months ago. Eyebrows have been raised due to the timing of Peter Arnold's blog with a "careful for what you wish for message" about calls for greater regulation of the structured settlement secondary market by a panel sponsored by the American Association of Persons With Disabilities.
Pat Hindert's traditional Primary Market update features Medora Marriseau, an attorney from the Northwest for what appears to be Symetra/Clearscape, a company that no longer writes structured settlements. One assumes that there will be some meatier content than that. Pat Hindert tends to have a jaundiced view of the structured settlement primary market while offering limited and muted criticism of the structured settlement secondary market.
I challenge Pat Hindert and NASP to openly address a level of regulation of the structured settlement secondary market on a par with every other legitimate financial service industry segment (e.g. insurance, securities, real estate, life settlements) OR defend why it should not be regulated in the same way.