A Qualified Assignment is an assignment of obligation to make future periodic payments which satisfies the requirements of Internal Revenue Code (IRC) § 130
How Structured Settlements Work | Structured Settlements Explained (4structures.com)
Generally qualified assignment companies are special purpose companies do little else but take on such obligations and hold “qualified funding assets”
- American Home Assurance Company, one of two qualified assignees that may own structured annuities issued by American International Life Assurance Company of New York (the other is National Union Fire insurance Company of Pittsburgh, PA). Each insurance companies are one of the many companies within the American International Group (AIG) family.
- New York Life Insurance and Annuity Corporation (NYLIAC), a Delaware corporation, is the qualified assignee that may own structured settlement annuities issued by New York Life Insurance Company.
UPDATE
The AIG group of companies moved away from using American Home to a more standard stand alone non-insurer qualified assignment company, American General Annuity Service Corporation (AGASC) after 2008-2009 Financial Crisis, when the casualty arm was then renamed Chartis. Subsequently and Chartis was re-branded back to AIG in 2012.
With the exception of a brief period of time when new business assigned to AGASC was written following the shift of assignee from American Home to AGASC, AGASC owned structured settlements are subject to a guarantee from AGC Life Insurance Company. The guarantee was not retroactive. Also please note that American Home and National Union owned structured settlements are still owned by those respective insurance companies].
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