by Structured Settlement Watchdog
Here's some food for thought…
Definitions from State of Florida Title XXXVII Chapter 626 Insurance Field Representatives, 626.99296 Transfers of Structured Settlement Payment Rights
(a) "Annuity issuer" means an insurer that has issued an annuity contract to be used to fund periodic payments under a structured settlement.
(m) "Structured settlement" means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim.
(n) "Structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement, including the rights of the payee to receive periodic payments.
o) "Structured settlement obligor" means the party who is obligated to make continuing periodic payments to the payee under a structured settlement agreement or a qualified assignment agreement.
(q) "Terms of the structured settlement" means the terms of the structured settlement agreement; the annuity contract; a qualified assignment agreement; or an order or approval of a court or other government authority authorizing or approving the structured settlement.
Florida requires Viatical Settlement providers to be licensed. The above are insurance terms, clearly coming under the Florida insurance statutes
Hallandale, Florida resident Michael Asseff's company 123Lump Sum is a company involved in structured settlement factoring or structured settlement transfer transactions…NOT STRUCTURED SETTLEMENTS as defined by Florida above or under the United States Internal Revenue Code. Michael Asseff does not currently hold an insurance license in the State of Florida according to an on line web search today Download michael_asseff_ffs_search_8292006.pdf . Neither does 123lumpsum!Download 123lumpsum_ffs_license_search_8282006.pdf and just to be thorough I checked Structured Asset Fundng, another company name which appears on the firm's website Download structured_asset_funding_ffs_inquiry_8292006.pdf . No surprise there!
If structured settlement transfers in Florida come under the the Florida insurance statutes and those same Florida insurance statutes require licensing for viatical settlement providers (presumably to protect the large population of seniors in the state), why is there no licensing for people or entities such as Michael Asseff and 123lumpsum?.
To add insult to injury Michael Asseff has registered the domain 123structuredsettlements.com. Download 123structuredsettlements_whois_record_8292006.pdf. One can understand the logic of the name 123lumpsum.com because it implies that working with this company means obtaining a lump sum is "as easy as "1-2-3". However, following that logic, how is this unlicensed individual and entity able to advertise or imply that obtaining a structured settlement with this company is "as easy as 1-2-3" when all he/they is/are doing is simply pointing the consumer to the 123lumpsum page, for a transaction that is clearly not a structured settlement. Moreover, even for what 123LumpSum does do there is the ubiquitous unrealistic picture of a couple lolling in a pool from their beach front property. From what I hear the proceeds of the average sized factoring/transfer transaction would not be sufficient to buy beachfront property, or even a swimming pool, similar to the one depicted in the ad.
There are hundreds of duly licensed Florida resident and non resident insurance agents who take the time to be licensed, who collectively pay millions of dollars in licensing and registration fees to the State of Florida, and are subject to its truth in advertising rules. Why are these folks, and consumers, many of whom are registered voters in Florida and pay Florida property taxes, subject to the unfair trade practices of the likes of Michael Asseff?
This problem can be solved by changing the law Jeb Bush and fellow Florida legislators!
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