by John Darer CLU ChFC MSSC CeFT RSP CLTC
Wilcac Life Insurance Company is listed is one of the three registered structured settlement transferees in Maryland, giving former Continental Assurance Company (CNA) structured settlement annuitants a "home team" liquidity option. Wilcac Life Insurance Company acquired the structured settlement portfolio of CNA several years ago. It's name is an amalgamation of Wilton Re and the initials for Continental Assurance Company.
Maryland regulations established in the wake of the Access Funding debacle make it unlawful for a factoring company, or “structured settlement transferee," to acquire structured settlement payment rights in Maryland without first registering with the Office of the Attorney General.
It is unclear whether or not Wilcac intends to buy structured settlement payment rights from annuitants of life insurance companies it has not acquired. A number of insurance companies buy securitizations of structured settlement payment rights from companies such as JG Wentworth.
If you have a structured settlement originally with Continental Assurance Company, which is now Wilcac Life Insurance Company, and have liquidity needs by all means get a quote from Wilcac Life, but ALWAYS shop around. Always speak to an independent licensed financial professional.
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