Oakland Structrued Settlements Feed

February 12, 2011

Is California Structured Settlement Broker's Use of CA Life & Health Guaranty Act to Solicit Business Unlawful?

by John Darer® CLU ChFC MSSC RSP CLTC

A Califiornia based structured settlement broker posts details of California Life & Health Guaranty Association coverage on his blog website, despite the prohibitions set forth expressly under California law,

Despite what I'm sure were good intentions from this pillar of the structured settlement industry, here''s what the law says:

California      § 1067.17 “Use of existence of association for purpose of sales, solicitation, or inducement to purchase insurance; summary document; disclaimer; contracts not covered by association”(a) No person, including an insurer, agent, or affiliate of an insurer shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio station or television station, or in any other way, any advertisement, announcement, or statement, written or oral, which uses the existence of the California Life and Health Insurance Guarantee Association for the purpose of sales, solicitation, or inducement to purchase any form of insurance covered by the California Life and Health Insurance Guarantee Association Act".

 I really hate being a brat about this, but if it was OK to advertise it then why the law in the first place?  I did not write the law. While the law does state is  "that this section shall not apply to the California Life and Health Insurance Guarantee Association or any other entity which does not sell or solicit insurance" the structured settlement broker in question clearly does solicit insurance.

While banks can tout FDIC coverage, there has been a long standing prohibition on insurance agents and brokers discussing comparable consumer protections.  It is an inconvenience for sure. The structured settlement watchdog recently obtained an opinion from the New York State insurance department which said that even a powerpoint on the subject, posted on LinkedIn by another industry colleague, with disclaimers that it could not be used in the solicitation of insurance, was unlawful.

 

Posted at 11:20 AM in CA Insurance Law, CA structured settlement annuity, California Insurance Law, California Life Health Guaranty Association, Los Angeles CA Structured Settlements, Los Angeles Structured Settlements, Oakland Structrued Settlements, Orange County Structured Settlements, Sacramento Structured Settlements, San Diego Structured Settlements, San Francisco Structured Settlements, Santa Monica Structured Settlements, Structured Settlement Broker Business Practices, Structured Settlement Law, Structured Settlement Watchdog®, Structured Settlements in California, Structured Settlements in Fresno County, WestLake Village Structured Settelments, Whittier Structured Settlements | | Comments (1)

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  • Firmwide Qualified Settlement Funds Debunked
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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
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