by Structured Settlement Watchdog
What a pity it is when industry veterans appear unable to articulate one of the fundamentals of their profession. Seen March 22, 2011 on the website of a former President of the Society of Settlement Planners on the subject of qualified assignments which says:
" The original defendant will generally " assign his/her obligation to make future payments to a major life insurance company (such as New York Life, MetLife, John Hancock, MassMutual etc.) and the payments are then paid to you by the life insurance company in the form of an annuity"
Only one qualified assignment company is an insurance company and that is New York Life Insurance and Annuity Corporation, the qualified assignment company for New York Life Insurance Company funded structured settlements. Most qualified assignment companies are special purpose companies whose primary functional purpose is to accept the assignment of future periodic payment obligations, for consideration, and to purchase and own qualified funding assets, that are used to fund the obligations that they accept.
Is it too much to ask for industry leaders to put their best foot forward on the education front?
Note: Mr. T was never a member of the Society of Settlement Planners and