The claimant's husband died in a terrible accident leaving her to raise young children. Although the caller was not a resident of New York at the time the structured settlement was arranged with Executive Life Insurance Company of New York. The obligation of a cadre of well known, mostly still operating liability insurers was transferred via an assignment and assumption agreement to now judgment proof First Executive Corporation which, along with the annuity issuer, Executive Life Insurance Company of New York was increasing its supply of junk bonds thanks to the Mario Cuomo adminstration's loosening the grip on investments permissible by life insurers.
The claimant confirmed with me that she had absolutely no broker advising her on the structured settlement. That's why I cringe when I hear plaintiff attorneys tell me that one of my industry colleagues has attempted to convince them that they don't need to call in their own consultant. Imagine a internist saying you don't need a heart specialist for your triple bypass.
She says that when she calls the Executive Life Insurance Company of New York service number she reaches people who either "know nothing" or are "carefully scripted".
I hope that the structured settlement industry seizes the opportunity to be ahead of the news instead of following the news on Executive Life Insurance Company of New York.
Leave a Reply