by John Darer CLU ChFC CSSC RSP
Tulsa attorney Dick Risk was inadvertently mischaracterized as a “structured settlement broker” by the Factoring Channel, the Settlement Capital blog, in a post dated November 5, 2010.
In context of being listed as one of the speakers on a panel at the annual structured settlement factoring industry conference held in Las Vegas on November 12, 2010, Dick Risk, formally, Richard B. Risk, Jr, was listed as both a lawyer and structured settlement broker.
A structured settlement broker is generally recognized, even within the structured settlement secondary market, as a professional who arranges the placement of structured settlement annuities with insurance companies on behalf of plaintiffs, defendants, or insurers
To wit, the website of Prosperity Partners, Inc., a factoring company which delineates between structured settlement brokers (” Structured settlements are created by structured settlement brokers, advocating for claimants settling a financial matter, and are experts and licensed professionals in their field”-emphasis added) and factors (“structured settlement factors… make a lump sum of money available now instead of waiting for the payout of the settlement).
To place a structured settlement annuity, you need an active insurance license in the state of solicitation. It’s also common to have an appointment with one or more annuity issuers
According to Sircon Corp which handles certain administrative functions and provides licensee information on behalf of the Oklahoma Insurance department, Richard B. Risk Jr. has not been active as a life insurance agent in his resident state since March 2, 2007. See Download Dick Risk Tulsa l11-20-2010 licensee look up SIRCON® Therefore Richard B. Risk, Jr. (“Dick Risk”) cannot be characterized as a “structured settlement broker” in accordance with the aformentioned definition.
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