by Structured Settlement Watchdog
My word!
There are far more steps to creating an intellectual dishonest “Secondary Market Annuity”than applying for a legitimate annuity
Setting aside the immutable fact that the National Association of Insurance Commissioners (NAIC) does not recognize acquired structured settlement payment rights (structured settlement receivables) as an annuity or insurance product [see Statutory Issue Paper No. 160, finalized April 6, 2019], the fact that the following chart (sourced from EquityNet for critical commentary 2/16/2022) shows 13 steps for a single deal, should erase any lingering doubts.
If you are a financial planner or settlement planner who recommended that your client buy and you subsequently sold them structured settlement receivables that you told them was an annuity, you may want to change your underwear now.
When the layers of the onion were eventually pulled back you may find that many who advised investors did not fully understand what they recommended and sold to their clients
Did they do enough?
One wonders what a similar chart for the DeAngelo Simmons/Paul Millsap, Atlantic Solutions, and Michael Vick deals would look like, and whether or not investors would have still gone through with the transactions they did, or would have taken a pass.
