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New York City Structured Settlements 2022 | Structured Settlement Annuities in NY State

by John Darer CLU ChFC CeFT MSSC RSP CLTC

 

Which New York life insurance companies issue structured settlement annuities to fund New York structured settlements in Bronx, Brooklyn (Kings), Queens, Staten Island (Richmond) and New York (Manhattan), Nassau, Suffolk, Westchester, Orange, Putnam and Rockland Counties in 2022?

 

New York City Sunset

These insurance companies are the primary issuers of structured settlement annuities for the New York City area to fund NY personal injury, NY medical malpractice, NY wrongful death, auto accident, NY workers compensation settlements and to fund Structured Medicare Set Asides in 2022.

1. First Berkshire Hathway Life Insurance Company Home Office: Flushing, NY
2. Metropolitan Life Insurance Company   Home Office: New York, NY
3. Metropolitan Tower Life Insurance Company Home Office: Wilmington, DE
4. New York Life Insurance Company Home Office: New York, NY
5. Pacific Life and Annuity Company   Home Office: Newport Beach, CA
6. The Prudential Insurance Company of America Home Office: Newark, NJ
7. United States Life Insurance Company in The City of New York Home Office: New York, NY
8. USAA Life Insurance Company Home Office: San Antonio TX (where parties consent to using non admitted carrier)

Cases in surrounding counties such as Fairfield County, CT and Bergen County, NJ would substitute, Berkshire Hathaway Life Insurance Company of Nebraska, Pacific Life Insurance Company and American General Life Insurance Company for numbers 1, 6 and 8 respectively. Please note that a limited number of insurance companies underwrite structured settlements compared to other types of annuities.

For New York cases that go to a structured judgment, pursuant to CPLR Article 50A or Article 50B, the following of the above structured settlement annuity issuers will write annuities to fund 50A or 50B structured judgments:

 

1. Metropolitan Life Insurance Company
2. Pacific Life and Annuity Company
3. United States Life Insurance Company in The City of New York

The onerous acceleration provision for late payments in Articles 50A and 50B is the primary reason for why only three carriers write structured judgment annuities in New York.

Periodic Payment Reinsurance is available through National Indemnity Company (Berkshire Hathaway).

Structured settlement annuities are only offered through appointed structured settlement managing general agencies by their insurance licensed employees, or through affiliated insurance licensed independent agents and brokers.

Current as of July 3, 2022

Note that structured settlements can also be funded with United States Treasury Obligations. Market based options are also available.

What You Need To Know About Structured Settlement Quotes in New York

Structured Settlement quote form online.

Click left or call 646-849-1588 for New York City structured settlement quotes, employment structured settlement quotes, divorce structured settlement quotes, periodic payment reinsurance structured sales quotes for business installment sales and real estate installment

New York Structured Settlements

 

Last updated February 13, 2022

by John Darer CLU ChFC CeFT MSSC RSP CLTC

 

Which New York life insurance companies issue structured settlement annuities to fund New York structured settlements in Bronx, Brooklyn (Kings), Queens, Staten Island (Richmond) and New York (Manhattan), Nassau, Suffolk, Westchester, Orange, Putnam and Rockland Counties in 2022?

 

New York City Sunset

These insurance companies are the primary issuers of structured settlement annuities for the New York City area to fund NY personal injury, NY medical malpractice, NY wrongful death, auto accident, NY workers compensation settlements and to fund Structured Medicare Set Asides in 2022.

1. First Berkshire Hathway Life Insurance Company Home Office: Flushing, NY
2. Metropolitan Life Insurance Company   Home Office: New York, NY
3. Metropolitan Tower Life Insurance Company Home Office: Wilmington, DE
4. New York Life Insurance Company Home Office: New York, NY
5. Pacific Life and Annuity Company   Home Office: Newport Beach, CA
6. The Prudential Insurance Company of America Home Office: Newark, NJ
7. United States Life Insurance Company in The City of New York Home Office: New York, NY
8. USAA Life Insurance Company Home Office: San Antonio TX (where parties consent to using non admitted carrier)

Cases in surrounding counties such as Fairfield County, CT and Bergen County, NJ would substitute, Berkshire Hathaway Life Insurance Company of Nebraska, Pacific Life Insurance Company and American General Life Insurance Company for numbers 1, 6 and 8 respectively. Please note that a limited number of insurance companies underwrite structured settlements compared to other types of annuities.

For New York cases that go to a structured judgment, pursuant to CPLR Article 50A or Article 50B, the following of the above structured settlement annuity issuers will write annuities to fund 50A or 50B structured judgments:

 

1. Metropolitan Life Insurance Company
2. Pacific Life and Annuity Company
3. United States Life Insurance Company in The City of New York

The onerous acceleration provision for late payments in Articles 50A and 50B is the primary reason for why only three carriers write structured judgment annuities in New York.

Periodic Payment Reinsurance is available through National Indemnity Company (Berkshire Hathaway).

Structured settlement annuities are only offered through appointed structured settlement managing general agencies by their insurance licensed employees, or through affiliated insurance licensed independent agents and brokers.

Current as of July 3, 2022

Note that structured settlements can also be funded with United States Treasury Obligations. Market based options are also available.

What You Need To Know About Structured Settlement Quotes in New York

Structured Settlement quote form online.

Click left or call 646-849-1588 for New York City structured settlement quotes, employment structured settlement quotes, divorce structured settlement quotes, periodic payment reinsurance structured sales quotes for business installment sales and real estate installment

New York Structured Settlements

 

by John Darer CLU ChFC CeFT MSSC RSP CLTC

 

Which New York life insurance companies issue structured settlement annuities to fund New York structured settlements in Bronx, Brooklyn (Kings), Queens, Staten Island (Richmond) and New York (Manhattan), Nassau, Suffolk, Westchester, Orange, Putnam and Rockland Counties in 2022?

 

New York City Sunset

These insurance companies are the primary issuers of structured settlement annuities for the New York City area to fund NY personal injury, NY medical malpractice, NY wrongful death, auto accident, NY workers compensation settlements and to fund Structured Medicare Set Asides in 2022.

1. First Berkshire Hathway Life Insurance Company Home Office: Flushing, NY
2. Metropolitan Life Insurance Company   Home Office: New York, NY
3. Metropolitan Tower Life Insurance Company Home Office: Wilmington, DE
4. New York Life Insurance Company Home Office: New York, NY
5. Pacific Life and Annuity Company   Home Office: Newport Beach, CA
6. The Prudential Insurance Company of America Home Office: Newark, NJ
7. United States Life Insurance Company in The City of New York Home Office: New York, NY
8. USAA Life Insurance Company Home Office: San Antonio TX (where parties consent to using non admitted carrier)

Cases in surrounding counties such as Fairfield County, CT and Bergen County, NJ would substitute, Berkshire Hathaway Life Insurance Company of Nebraska, Pacific Life Insurance Company and American General Life Insurance Company for numbers 1, 6 and 8 respectively. Please note that a limited number of insurance companies underwrite structured settlements compared to other types of annuities.

For New York cases that go to a structured judgment, pursuant to CPLR Article 50A or Article 50B, the following of the above structured settlement annuity issuers will write annuities to fund 50A or 50B structured judgments:

 

1. Metropolitan Life Insurance Company
2. Pacific Life and Annuity Company
3. United States Life Insurance Company in The City of New York

by John Darer CLU ChFC CeFT MSSC RSP CLTC

 

Which New York life insurance companies issue structured settlement annuities to fund New York structured settlements in Bronx, Brooklyn (Kings), Queens, Staten Island (Richmond) and New York (Manhattan), Nassau, Suffolk, Westchester, Orange, Putnam and Rockland Counties in 2022?

 

New York City Sunset

These insurance companies are the primary issuers of structured settlement annuities for the New York City area to fund NY personal injury, NY medical malpractice, NY wrongful death, auto accident, NY workers compensation settlements and to fund Structured Medicare Set Asides in 2022.

1. First Berkshire Hathway Life Insurance Company Home Office: Flushing, NY
2. Metropolitan Life Insurance Company   Home Office: New York, NY
3. Metropolitan Tower Life Insurance Company Home Office: Wilmington, DE
4. New York Life Insurance Company Home Office: New York, NY
5. Pacific Life and Annuity Company   Home Office: Newport Beach, CA
6. The Prudential Insurance Company of America Home Office: Newark, NJ
7. United States Life Insurance Company in The City of New York Home Office: New York, NY
8. USAA Life Insurance Company Home Office: San Antonio TX (where parties consent to using non admitted carrier)

Cases in surrounding counties such as Fairfield County, CT and Bergen County, NJ would substitute, Berkshire Hathaway Life Insurance Company of Nebraska, Pacific Life Insurance Company and American General Life Insurance Company for numbers 1, 6 and 8 respectively. Please note that a limited number of insurance companies underwrite structured settlements compared to other types of annuities.

For New York cases that go to a structured judgment, pursuant to CPLR Article 50A or Article 50B, the following of the above structured settlement annuity issuers will write annuities to fund 50A or 50B structured judgments:

 

1. Metropolitan Life Insurance Company
2. Pacific Life and Annuity Company
3. United States Life Insurance Company in The City of New York

The onerous acceleration provision for late payments in Articles 50A and 50B is the primary reason for why only three carriers write structured judgment annuities in New York.

Periodic Payment Reinsurance is available through National Indemnity Company (Berkshire Hathaway).

Structured settlement annuities are only offered through appointed structured settlement managing general agencies by their insurance licensed employees, or through affiliated insurance licensed independent agents and brokers.

Current as of July 3, 2022

Note that structured settlements can also be funded with United States Treasury Obligations. Market based options are also available.

What You Need To Know About Structured Settlement Quotes in New York

Structured Settlement quote form online.

Click left or call 646-849-1588 for New York City structured settlement quotes, employment structured settlement quotes, divorce structured settlement quotes, periodic payment reinsurance structured sales quotes for business installment sales and real estate installment

New York Structured Settlements

 

by John Darer CLU ChFC CeFT MSSC RSP CLTC

 

Which New York life insurance companies issue structured settlement annuities to fund New York structured settlements in Bronx, Brooklyn (Kings), Queens, Staten Island (Richmond) and New York (Manhattan), Nassau, Suffolk, Westchester, Orange, Putnam and Rockland Counties in 2022?

 

New York City Sunset

These insurance companies are the primary issuers of structured settlement annuities for the New York City area to fund NY personal injury, NY medical malpractice, NY wrongful death, auto accident, NY workers compensation settlements and to fund Structured Medicare Set Asides in 2022.

1. First Berkshire Hathway Life Insurance Company Home Office: Flushing, NY
2. Metropolitan Life Insurance Company   Home Office: New York, NY
3. Metropolitan Tower Life Insurance Company Home Office: Wilmington, DE
4. New York Life Insurance Company Home Office: New York, NY
5. Pacific Life and Annuity Company   Home Office: Newport Beach, CA
6. The Prudential Insurance Company of America Home Office: Newark, NJ
7. United States Life Insurance Company in The City of New York Home Office: New York, NY
8. USAA Life Insurance Company Home Office: San Antonio TX (where parties consent to using non admitted carrier)

Cases in surrounding counties such as Fairfield County, CT and Bergen County, NJ would substitute, Berkshire Hathaway Life Insurance Company of Nebraska, Pacific Life Insurance Company and American General Life Insurance Company for numbers 1, 6 and 8 respectively. Please note that a limited number of insurance companies underwrite structured settlements compared to other types of annuities.

For New York cases that go to a structured judgment, pursuant to CPLR Article 50A or Article 50B, the following of the above structured settlement annuity issuers will write annuities to fund 50A or 50B structured judgments:

 

1. Metropolitan Life Insurance Company
2. Pacific Life and Annuity Company
3. United States Life Insurance Company in The City of New York

Structured Settlements' Urban Legends of New York "Plaintiff Attorneys have Been Sued..."

by John Darer CLU ChFC MSSC RSP CLTC

The following statement is often cited for marketing purposes, as reasons to have your own structured settlement broker or settlement planner with regard to structured settlement transactions. 

"In Macomber v Travelers Property & Casualty Corp and Lyons v Medical Malpractice Insurance Assoc., plaintiff attorneys have been sued for harm sustained by their clients at the hands of the defense-provided structured settlement broker."

Notwithstanding that it is a good idea to have your own structured settlement broker or settlement planner. the above statement is inaccurate in that in neither of these two cases were the plaintiff attorneys the defendants as the statement represents.  MMIA did not represent Lyons!

In reality in the New York matter of Lyons v Medical Malpractice Insurance Association (MMIA), the plaintiff sued the defendants and their representatives for negligent misrepresentation on the cost of a structure, and the resulting influence on the decision to settle. At issue in the case was who owed a duty of privity to who [Lyons also sued his attorneys for legal malpractice on this case, which was settled in 1987]. The Supreme Court of the State of New York initially granted summary judgment in favor of MMIA, on July 13, 2000. However the New York Appellate Division 2nd Dept. reversed this on September 17, 2001.

§5-1702(e) of the New York General Obligations Law, which was established subsequent to the Lyons case,  requires notice by the defendant or defendant's legal representative  about the plaintiff seeking professional advice relating to the legal, tax and financial implications of the settlement, including any adverse consequences.

Take New York CPLR 50B Judgment or Take Settlement Offer?

by John Darer ® CLU ChFC MSSC CeFT RSP CLTC

It Doesn't Always Make Sense to Take a Settlement on a NY CPLR 50B Judgment

Would you put 20% of your money away in an investment that is guaranteed to lose money and 80% of your money in an investment with less than 1% rate of return over less than a decade? HELL NO!

Such a conundrum was a factor in what was proffered as part of a proposed structured judgment that I was asked to review.

There is some confusion over the significance of the 4% statutory increases built into Article 50B of the New York CPLR (or in any structured annuity for that matter). It simply represents the statutory percentage that the monthly benefit payment in a structured judgment (or structured settlement annuity funding the structured judgment) changes year to year. It does not represent a rate of return. In the aforementioned scenario, a payment stream that cost over $1 million that paid out over 7 years with a 4% compound increase carried an underwhelming 0.97% internal rate of return.  Other payment streams had negative rates of return. To think that some refer to the 4% as  a " kicker" just reminds me of the "Kick me" sign affixed to the back of George McFly in the movie "Back to The Future".  "Okay...Okay you guys very funny"

 
                                                 The 4% "Kicker"?

New York personal injury lawyers should bring in a credentialed financial settlement expert, such as a registered settlement planner, as early as possible to help them and their clients analyze their options, document their file and make the best decisions. 

When does it make sense to settle a NY CPLR 50A or CPLR 50B structured judgment?

Notwithstanding that you should rely on your attorney for legal advice, it may make sense to take a small haircut for any or all of the following reasons:

• Gain greater customization than the NY CPLR 50A or CPLR 50B statutes provide
• Achieve diversification
• Income spreading by structuring taxable elements of damages when cases are settled post trial, to help mitigate what would otherwise all be taxed in year one.  Read about structuring taxable damages by way of a non qualified assignment and  reinsurance structured settlements
  
• Mitigate mortality risk with New York structured judgments that would result in a windfall to the structured judgment annuity issuer in the event of premature death, which would come at the expense of the plaintiff's survivors if the plaintiff is uninsurable for life insurance. Read Life Insurance in Structured Judgments  and Personal Injury Settlement Planning, at 5 (c)

Updated August 16, 2021