by Structured Settlement Watchdog®
Genex Capital advertises that the "Assured Annuity™ is a contract providing for the payment of a sum of money payable either monthly, yearly, in one lump sum at a future fixed date, or a combination thereof. These payment rights were originally paid by insurance companies to personal injury victims pursuant to a structured settlement".
Despite the fact that Genex Capital admits that what it markets to investors on the Assured Annuity website is structured settlement payment rights, defined at IRC 5891(c)(2), Genex Capital states:
"Genex Capital has been in the business of buying structured settlement annuities on the secondary market since 2003"
Genex Capital makes this false statement having made an admission that it buys structured settlement payment rights. In a structured settlement factoring transaction the actual annuity contract is not transferred and remains owned by a qualified assignment company. Genex Capital is challenged to provide proof that it has actually acquired any annuity contracts (as opposed to structured settlement payment rights).
Another misrepresentation by Genex Capital
"Since registration with the Better Business Bureau in 2008, we (Genex Capital) have always maintained the highest A+ rating with zero complaints.
FACT: As you can clearly see, at the time of publication Genex Capital IS NOT rated or accredited by the Better Business Bureau.
BUT What Genex Capital is selling "structured settlement payment rights" which are not an annuity. Genex Capital admits elsewhere "Assured Annuities provides access to the secondary payment rights market What we do – We buy structured settlement payment rights and other annuity payments and resell them to private and institutional buyers".
Why is Genex Capital soliciting United States consumers with the annuity misrepresentation. The companies meta tags claims to be "your source for annuities" The home page suggests that Genex Capital relies on the Merriam Webster definition of annuity
The definition of annuity offered by the CT Insurance Department, a state in which Genex Capital and members of its group have done business**, says " an An Annuity is a contract in which an insurance company makes a series of income payments at regular intervals in return for a premium or premiums you have paid. Annuities are most often bought for future retirement income, and can pay an income that can be guaranteed to last as long as you live"
With transfers of structured settlement payment payment rights, there are no premiums paid since premium was paid by qualified assignment company, the applicant and annuity owner when the annuity was established. The qualified assignment company received consideration from the Defendant or its Insurer, to take on a future periodic payment obligation established in the Settlement Agreement and Release when the structured settlement was established. As I stated above, the qualified assignment company remains the owner of the annuity even after you invest in structured settlement payment rights (also known as structured settlement derivatives).
Genex Capital, on one website SSQ, solicits annuitants using the term "structured settlement quotes" to describe quotes for the purchase of structured settlement payment rights and then Genex Capital markets the structured settlement payment rights using the insurance term "annuities" to investors on Assured Annuity. The claimed Yelp listing for SSQ suggests that SSQ is in the business of insurance despite there being no record of an active insurance license for Brad Jones, SSQ, Roger Proctor, Boris Drubetsky... I encourage Roger Proctor and /or Boris Drubetsky to come to Connecticut. I'll arrange a meeting with the CT State Insurance commissioner and we can discuss these terms and whether or not Connecticut's regulator buys into CT's definition, or Merriam Webster's and whether structured settlement payment rights are properly categorized as insurance on SSQ, a Genex Capital company's claimed listing.
**the basis is that Genex Capital's SSQ lists an address in CT at a Regus Office Center and has a claimed Yelp listing at that address. Genex Capital advertised in 2009 that it was voted one of the Best in CT by the CT Law Tribune's readers.
Postscript July 14, 2017
On month on, Genex Capital now has an A+ rating but Genex Capital is still falsely advertising that it is an Accredited BBB business.
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