Structured Settlements 4Real®Blog 2026

by Structured Settlement Watchdog®

I came across a case that should be of interest to structured settlement brokers, the National Structured Settlement Trade Association and the "Clackamas County Water Buffalo hunter". The case demonstrates a "cash now" deal, involving the very company that is the assignee on Symetra Life structured settlements, Symetra Assigned Benefits Service Company,  that discounts a structured settlement by 20.77%. How JG Wentworthesque of you Symetra!

A memo from Symetra to its brokers, posted reported on Pat Hindert's Beyond Structured Settlements blog in January, highlighted that one of the benefits of Symetra's foray into the factoring business was to offer fair pricing. If this is fair pricing, then it's a dud.

The evidence…found in a structured settlement transfer order found on the Internet

1. SYMETRA ASSIGNED BENEFITS SERVICE v. DAROSA PC-20060131

   Symetra Assigned Benefits Service Company (SABSCO) and Tiffany DeRosa have agreed that SABSCO will purchase a portion of the payments of a structured settlement. Ms. DeRosa agrees to sell to SABSCO her entitlement to payments of $70,000 on May 18, 2009 and $28,000 of the $118,497 payment due her on May 18, 2014 in exchange for payment of $61,121.40. The current value of the payments to be assigned to SABSCO is stated to be $77,145.49. The petition states that Ms. DeRosa intends to use the sales proceeds as a down payment for the purchase of a home for herself and her fiancé, who plan to marry this summer. The petition states that the proceeds are not required for daily living expenses.

   "No transfer of structured settlement payment rights, either directly or indirectly, shall be effective by a payee domiciled in this state, or by a payee entitled to receive payments under a structured settlement funded by an insurance contract issued by an insurer domiciled in this state or owned by an insurer or corporation domiciled in this state, and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to a transferee, unless all of the provisions of this section are satisfied." (Insurance Code, § 10136(a).)

   "A transfer of structured settlement payment rights is void unless all of the following conditions are met: ¶ (a) The transfer of the structured settlement payment rights is fair and reasonable and in the best interest of the payee, taking into account the welfare and support of his or her dependents. ¶ (b) The transfer complies with the requirements of this article, will not contravene other applicable law, and is approved by a court as provided in Section 10139.5." (Insurance Code, § 10137.)

   "A direct or indirect transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express written findings by the court that: ¶ (1) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents. ¶ (2) The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received that advice or knowingly waived that advice in writing. ¶ (3) The transferee has provided the payee with a disclosure form that complies with Section 10136 and the transfer agreement complies with Sections 10136 and 10138. ¶ (4) The transfer does not contravene any applicable statute or the order of any court or other government authority. ¶ (5) The payee reasonably understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Section 10136. ¶ (6) The payee reasonably understands and does not wish to exercise the payee's right to cancel the transfer agreement." (Insurance Code, § 10139.5(a).)

   "(1) An application under this article for approval of a transfer of structured settlement payment rights shall be made by the transferee and brought in the county in which the payee resides. ¶ (2) Not less than 20 days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under this article, the transferee shall file with the court and serve on all interested parties a notice of the proposed transfer and the application for its authorization, and shall include the following with that notice: ¶ (A) A copy of the transferee's application. ¶ (B) A copy of the transfer agreement. ¶ (C) A listing of each of the payee's dependents, together with each dependent's age. ¶ (D) A copy of the disclosure required in subdivision (b) of Section 10136. ¶ (E) A copy of the annuity contract. ¶ (F) A copy of any qualified assignment agreement. ¶ (G) A copy of the underlying structured settlement agreement. ¶ (H) Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing. ¶ (I) Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed, which may not be less than 15 days after service of the transferee's notice, in order to be considered by the court." (Insurance Code, § 10139.5(c).)

   "Any notice required by this article shall be deemed to have been given if addressed to the recipient's last known address and deposited, first class postage paid, in the United States mail not less than five calendar days prior to the date on which notice is required." (Insurance Code, § 10139.2.)

   "At the time of filing a petition pursuant to Section 10139.5 for court approval, the transferee shall file with the Attorney General a copy of the transferee's petition for approval, a copy of the written disclosure statement required by subdivision (a) of Section 10136, a copy of the transfer agreement as defined in subdivision (o) of Section 10134, a copy of the annuity contract, a copy of any qualified assignment agreement, a copy of the underlying structured settlement agreement, a copy of any order or approval of any court or responsible administrative authority authorizing or approving the structured settlement, a copy and proof of notice to the interested parties, and a verified statement from the transferee stating that all of the conditions set forth in Sections 10136, 10137, and 10138 have been met." (Insurance Code, § 10139(a).) "The Attorney General may, but is not required to, review any transfer agreement in order to ensure that the transfer meets the requirements of this article." (Insurance Code, § 10139(b).) "The Attorney General may charge a reasonable fee for the filing of the transfer agreement as provided in this section. The fee shall be paid by the transferee." (Insurance Code, § 10139(c).)

   Absent objections, the court makes the following findings based on the petition and documentation presented in support of the petition:

2. Petition for Court Approval of Transfer of Settlement Payment Rights.

1. The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents.

    

2. The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received that advice or knowingly waived that advice in writing.

    

3. The transferee has provided the payee with a disclosure form that complies with Section 10136 and the transfer agreement complies with Sections 10136 and 10138.

    

4. The transfer does not contravene any applicable statute or the order of any court or other government authority.

    

5. The payee reasonably understands the terms of the transfer agreement, including the terms set forth in the disclosure statement required by Section 10136.

    

6. The payee reasonably understands and does not wish to exercise the payee's right to cancel the transfer agreement.

The petition is granted.