by John Darer CLU ChFC MSSC RSP CLTC
If you are receiving structured settlement payments from a structured settlement annuity that was originally issued by Aviva Life Insurance Company, Aviva Life Insurance Company of New York, CGU Life Insurance Company, CGU Life Insurance Company of New York and predecessor structured settlement issuing companies, you may be facing a delay from the payment date that you have become accustomed to. Here's why.
Aviva stopped writing structured settlements at the end of 2008. In October 2013 the US operations of Aviva were sold to Athene. While Athene is an annuity issuer that is growing in prominence, its entities do not issue structured settlement annuities so there is no new premium coming in and the acquired portfolio is in run off. When a portfolio is in run off the acquirer hopes to make a profit on its investment spread and savings on administrative costs.
The "delay" is due to decision by Athene to use a Third Party Administrator (TPA), Concentrix, a fintech company which, ostensibly due to the anticipation of increased operational efficiencies, has mitigated the need to send out payments so far in advance to result in payments to be made on time.
Although not legally required to do so, Aviva used to send its payments out early to make sure they were received on time, often as much as 20 days early. Many annuitants who had set up electronic payments also became accustomed to receiving payments early instead of the payment dates in the settlement agreement or qualified assignment and set up their bill payments on the expectation of receiving payments at the earlier time. Athene sent out written notices to annuitants.
888-285-4332, the former Aviva and Athene structured settlement customer service number is now answered by employees of Concentrix.