by John Darer® CLU ChFC MSSC CeFT® RSP CLTC
New York Structured settlement insurance companies issuing structured settlement annuities in the Bronx , Brooklyn, Kings, Manhattan, Queens, Staten Island, Nassau, Suffolk, Westchester, Rockland, Orange, Fairfield (CT) and counties in and around the New York City Metropolitan area?
The following companies are the primary issuers of structured settlement annuities as IRC 130(d) "qualified funding assets" New York medical malpractice, personal injury and wrongful death cases. All of these life insurance companies are admitted to do insurance business in the State of New York as of the date of writing.
- First Berkshire Hathaway Life Insurance Company Home Office: Flushing, NY
- Liberty Life Assurance Company of Boston Home Office: Boston, MA
- Metropolitan Life Insurance Company Home Office: New York, NY
- New York Life Insurance Company Home Office: New York, NY
- Pacific Life and Annuity Company Home Office: Newport Beach, CA
- The Prudential Insurance Company of America Home Office: Newark, NJ
- United States Life Insurance Company in The CIty of New York Home Office: New York, NY
The above list of New York admitted structured settlement annuity issuers apply to settlements only. Cases in Fairfield County, CT and outlying New York City area counties in Connecticut and New Jersey would substitute Pacific Life Insurance Company and American General Life Insurance Company for numbers 5 and 7 respectively.
For New York cases that go to a verdict and subsequently end up with a CPLR Article 50A or Article 50B structured judgment, the above annuity issuers apply:
- Metropolitan Life Insurance Company
- United States Life Insurance Company in the City of New York
For more details please click here for a more comprehensive list of structured annuity insurance companies on one page, including third party financial ratings.
Why is there is a smaller number of structured annuity companies writing structured judgments?
This is primarily due to an onerous acceleration clause under the structured judgment statutes ( New York CPLR Article 50A and 50B). Under CLPR 5044, if a structured judgment debtor "fails for any reason to make a payment in a timely fashion according to the terms of" Article 50B, upon the judgment creditor's petition, an order may be granted accelerating all of the periodic payments without conversion to present value.
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. Not all brokers or settlement planners are directly appointed with all companies.
Current as of November 19, 2017