by Structured Settlement Watchdog
- New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you “represent these fine companies” using Insurance company logos without the preceding information is also illegal
- The New York State Insurance Department has issued two opinions concerning interpretation of insurance law under Article 77. The most recent opinion (obtained by this author) cites to the January 26, 2009 opinion (also obtained by this author) Download NY Insurance Department 11222010 on Propriety of Guaranty Fund Ads in Social Media
- Exercise caution when “lines are blurred” between making and advertising contributions to a non profit organization like a trial lawyer association and the expectation of business referrrals.Download NY Insurance Department 03122007 opinion re Charitable contribution advertising and Download NY Insurance Department 9242007 response to inquiry about whether certain activities are rebates
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If You Are the Structured Settlement Broker For the Primary Insurer and Your Client Is in A Policy Limit Situation, don’t imply to the plaintiff lawyer that you or your Company represents the Excess Carrier Unless (1) you actually do AND are appointed on the file (2) You have authority from THE EXCESS CARRIER To Engage the Plaintiff Attorney. If you do not have such authority and represent or imply that you do, you not only compromise the carrier’s position, but you bring your trustworthiness, and that of your company, into question. You also bring shame on the industry which should not be tolerated.
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When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
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If you advertise that you are “plaintiff exclusive” then you cannot logically be on the USDOJ list of annuity brokers. If you elect to proceed, choose your punishment…being exposed as an alleged perjurer or false advertiser!
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Be aware that financial advisors use of testimonials is prohibited or restricted
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Number of States That Prohibit Payment of QSF expenses by licensed insurance agents and brokers5. Survey not yet completed. For New York opinion please see above concerning charitable contributions. The QSF opinion was wrapped into the same opinion letter.
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