by Structured Settlement Watchdog®
Due to a lack of adequate regulation another member of the National Association of Settlement Purchasers derives benefit from blatant false advertising. CBC Settlement Funding, based in Conshohocken, Pennsylvania, uses Annuity.org to generate leads. Annuity.org
- Intentionally misleads American consumers by falsely labeling a structured settlement factoring transaction an annuity transaction
- Intentionally misleads American consumers by referring to an offer to buy structured settlement payment rights as an annuity quote
- Intentionally misleads American consumers by saying that getting a structured settlement quote is like applying for a car loan. To get a structured settlement quote you just need to contact a licensed insurance agent or licensed insurance broker in your state that specializes in structured settlements.
- Refers to a settlement as a windfall, defined by Merriam Webster dictionary as an unexpected, unearned, or sudden gain or advantage
Misleads American consumers about state incensing requirements by stating that "Although an annuity must be issued by an insurance company, not all annuities contracts are sold to the public directly via the issuing company’s own agents. In fact, the majority of annuities in America are purchased from:
- Annuity distributors, including large brokerage firms, known as wire houses, such as Merrill Lynch and Morgan Stanley
- Independent broker-dealers, like Raymond James
- Large banks, such as Bank of America
- Mutual fund companies like Vanguard and T. Rowe Price
- Thousands of independent agents, brokers and financial advisors across the country"
FACT: in order to sell annuities to the public you must be possess an active license to sell life insurance and be appointed by the life insurance company to offer its products, or a specific product line, in the case of structured settlement annuities.
N.Y. Ins. Law § 2114 (McKinney Supp. 2005), in relevant part, provides:
(a)(1) No insurer or fraternal benefit society doing business in this state shall pay any commission or other compensation to any person, firm or corporation, for any services in obtaining in this state any new contract of life insurance or any new annuity contract, except to a licensed life insurance agent of such insurer or of such society or to an insurance broker licensed under subparagraph (A) of paragraph one of subsection (b) of section two thousand one hundred four of this article, and except to a person described in paragraph two or three of subsection (a) of section two thousand one hundred one of this article. (emphasis added).
CBC Settlement Funding exclusively benefits from the social media road kill created by Annuity(dot)org and StructuredSettlements(dot)com
Giving Earl Nesbitt, Executive Director of the National Association of Settlement Purchasers all the due respect that he deserves , Annuity(dot) org cites Nesbitt asking and answering a rhetorical question to the Wall Street Journal "Could there be some improvement in the statues?" Absolutely!
Structured Settlement "Statues" Need More Muscle
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