by John Darer CLU ChFC CSSC RSP CLTC
Maybe an old dog can be taught new tricks after all. 5 years after the National Association for Settlement Purchasers (NASP) first had a primary market panel, the final agenda for the National Structured Settlements Trade Association's Fall Educational Meeting includes a factoring panel
The existence of the panel is recognition by NSSTA that NSSTA members need to be educated on the subject of factoring of structured settlements, whether or not they engage in secondary market activities
Upon information and belief there are members of the structured settlement primary market who:
- directly or indirectly originate structured settlement factoring transactions.
- buy structured settlement payment rights directly or through an intermediary as an investment for themselves
- buy strucured settlement payment rights directly or indirectly as an investment for clients.
- buy structured settlement payment rights on behalf of a trust as an investment class.
- provide independent professional advice to sellers of structured settlement payment rights.
- provide investment advice to buyers of structured settlement payment rights
- do not disclose that they engage in any of these practices or that they receive monetary compensation if they do
- engage in one or more of the above and do not understand what a servicing agreement is
Featured speakers on the panel include Steve Harris of Drinker Biddle & Reath, LLP, an attorney who often represents insurance companies in structured settlement factoring transactions, Patricia Laborde, Senior VP and Structured Settlement Division Counsel for Stone Street Capital and President of the National Association of Settlement Purchasers.