Pacific Life rolls out new structured settlment product - Index-Linked Annuity Payment Adjustment Rider (ILAPA) on April 17, 2014.
Structured payments can be designed to increase in future years by linking to the S&P 500. Increases are capped at 5% in up years but can NEVER decrease in down market years! Contact us for more details.
John Hancock Life exits structured settlement market.
In a notice received March 4, 2013, John Hancock Life announced their decision to discontinue underwriting of structured settlement annuities and focus on an "ongoing strategic repositioning" of thier product line. We will continue to assist with any administration inquiries with any previously issued Hancock annuity policies.
PA Insurance Department collects record fine from AIG
According to a press release dated May 31, 2012 ...As a result of state regulation of insurers and due diligence by government authorities, AIG's property casualty units are forced to pay in excess of $140,000,000 to states for under-reporting workers compensation liabilites.
Fitch affirms highest rating of AAA for New York Life.
Click link to read the press release dated June 16, 2011 and the complete analysis of their financial strength and stability dated July 14, 2011.
The Financial Crisis Inquiry Commission (FCIC) issues report January 27, 2011
After 18 months of investigation, including multiple hearings and over 700 interviews, the FCIC attributed much of the blame for the financial crisis of 2008-09 on breakdowns in corporate governance among Wall Street firms and profound lapses of regulatory oversight by Washington federal agencies.
Top Federal Income Tax rate stays at 35% but will increase to 43.4% in 2013!
The Tax Relief, Unemployment Reauthorization, and Job Creation Act of 2010 signed by President Obama in December extended existing income tax rates for 2011 and 2012. Commentary from Bessemer Trust found here.
FDIC updated Failed Bank List here
The Wall Street Journal reports that some 279 banks have collapsed in the last two years - since September 2008 when Washington Mutual became the biggest bank failure on record. This ongoing trend further illustrates the need to carefully evaluate your financial institution choices.
Prudential ad campaign highlights financial strength, leadership, and it's 135-year history - press release dated June 11, 2010.
The messages also focus on how Prudential helped protect clients during the recent financial crisis and emerged an even stronger company.
MetLife announces strong first quarter results - April 29, 2010
Taxes on Damages
Robert Wood, an attorney specializing in tax matters relating to settlements and damages authored the attached article titled "10 Things To Know About Taxes On Damages" published by Forbes April 29, 2010
New York Life ranked #1 within insurance industry in Fortune Magazine's Most Admired Companies Survey
The survey results were published in the March 22, 2010 issue of Fortune. Prudential and MetLife were also in the top 5!
Maryland Workers' Compensation Commission adopts new rules.......
regarding settlements to comply with Medicare Secondary Payer statute on January 4, 2010. Click link above to see industry news bulletin from Gould & Lamb.
Can you Bank on it?
In the wake of record bank failures, the FDIC issues press release November 17, 2009 reminding depositors that their money is safe.....albeit up to a limit. Currently $250,000 per depositor through 2013, the limits will go back down to just $100,000.
Hartford exits structured settlement annuity buisness.
Effective November 6, Hartford Life has announced that for strategic reasons, it will no longer write new structured annuites to fund settlements. They have NOT sold the in-force business and will continue to service existing policies. Annuitants should continue to call the annuitant service center (800-678-2282) for any future administrative needs or inquires.
Structured Legal Fees
Robert Wood, an attorney specializing in tax matters, reminds personal injury attorneys to explore the benefits of deferring their contingency fee income when settling a case. View article dated August 28, 2009 published in the Los Angeles Daily Journal.
U.S. Department of Labor launches new web site resource July 27, 2009
integrates information from 22 federal government agencies to serve more than 50 million Americans with disabilites.
The National Association of Insurance Commissioners issue press release
To clarify media misinformation regarding AIG, the NAIC reiterates that policyholders remain protected in response to a New York Times article suggesting otherwise without factual basis.
NSSTA Update & Commentary
Senator Richard Durbin states Structured Settlements provide dignity and peace of mind; advocates tax-exempt status.
Structures on YouTube
Congressman Charles Rangel remarks on the common sense of Structured Settlements at the NSSTA annual conference April 30, 2009
NSSTA publishes financial security checklist - March 2009
Settlement annuites are issued by highly rated life insurers regulated in all 50 states, backed by investment-grade assets, and distribute payments that are excluded from gross income. (click here to download)
IRS & Qualified Settlement Funds
IRS reiterates plans to provide guidance on single claimant use of Qualified Settlement Fund under Section 468B. Review page 21, #17. (click here to download)
NY Life Upgraded to AAA
On August 16, 2007 Standard & Poors upgraded New York Life to AAA, its highest possible rating of financial strength and claims paying ability. New York Life is also rated A++ by AM Best Company and is one of the select few companies within the structured settlement industry that enjoy the highest ratings among the independent rating agencies.
Medicare Medicaid and SCHIP Extension Act of 2007
On December 29, 2007, President Bush signed the Medicare Medicaid and SCHIP Extension Act of 2007 which will effectively serve to strengthen Medicare's longstanding Secondary Payor rights found in the Social Security Act (42 U.S.C. 1395y (b)). Beginning in July of 2009, Medicare will require that their interest be considered in any claim settlements pursuant to Workers Compensation, No Fault, and Liability insurance plans or arrangements. (click here to download)
IRS issues Publication 4345
RS issues Publication 4345 clarifying Taxability & Non-Taxability of certain cash Settlements - dated June 2004. (click here to download)
Mayer NSSTA Article
Read Lawyers Weekly article. (click here to download)
test (click here to download)