by Structured Settlement Watchdog
While many types of financial companies can sell annuities, only an insurance company can issue an annuity because annuities are insurance products. So says Annuity.org in parallel with the opinion of the National Association of Insurance Commissioners. NAIC’s Statutory Issue Paper No 160 implies that factored structured settlement payment streams are neither annuities nor insurance products. Institutional investors cannot carry them on their books as annuities or insurance products.
Annuity.org Sticks A Fork Into Tertiary Market Militants
Alanna Ritchie, a writer for Annuity.org, has certainly got some stick from me over the years, but she gets this important thing right while sticking a fork into the likes of Nathaniel Pulsifer, Genex Capital and the remaining tertiary market militants who defend the use of the scam label “secondary market annuity“, or hold out factored structured settlement payment streams as annuities. Genex Capital originates structured settlement factoring transactions. Roger Proctor and Boris Drubetsky, Genex Capital President and Chief Operating Officer respectively, know full well that the annuity funding the structured settlement payments being originated by or in conjunction with Genex Capital is NOT transferred to them or their investors. Only the structured settlement payment rights are transferred. If the annuity were transferred Genex Capital would not have to resort to its unconvincing Merriam Webster “defense”.