Following two years of disappointing sales results (2020 and 2021), which many structured settlement participants attributed to COVID-19 (COVID) and historically low interest rates, structured settlement annuity production appears to be on the upswing once again based upon industry production results for the first six months of 2022. In 2019, a reported $6.47 billion of...
When Governor Newsom signed Assembly Bill (AB) 35 on May 23, 2022, amending California’s Medical Injury Compensation Reform Act (MICRA), it concluded one of the California’s longest running political battles and substantially improved the fairness of California’s medical malpractice statute. The amended law goes into effect January 1, 2023. Among its significant changes, AB 35 raises...
Independent Insurance Group, LLC (“Independent Group”) announced today that its life and annuity subsidiary, Independent Life Insurance Company (“Independent Life”), has successfully launched iStructure, the first uncapped index-linked structured settlement annuity. Independent Life has secured almost $50 million in committed sales for the product from both settlement recoveries and installment sales of real estate and businesses....
Many structured settlement recipients are victims of road traffic accidents – as drivers, passengers, pedestrians, cyclists or innocent bystanders. Independent Life believes road traffic safety represents a complementary goal that all structured settlement and settlement planning professionals should not only support but also proactively advocate. National Roadway Safety Strategy Earlier this year, United States...
For many settlement planners and structured settlement annuity providers, the dominant storylines of the past two years have been COVID-19 (COVID), low interest rates and plummeting structured settlement annuity sales. In 2019, based on industry reports, $6.47 billion of annuities were purchased to fund 26,486 structured settlement cases, for an average per case premium of $244,228.....
For the past 20 plus years, two related industry issues have dominated the strategic agenda of the National Structured Settlement Trade Association (NSSTA): 1) factoring (aka the transfer of structured settlement payment rights) and 2) lack of growth in the primary structured settlement market. NSSTA’s Legislation Accomplishment By the end of the 1990s, NSSTA...
With few exceptions, the topic of consultant compensation receives limited public discussion within the structured settlement and settlement planning communities. A quick review of the websites of three national associations whose members sell structured settlement annuities, NSSTA, AASC, and SSP, appears to indicate only SSP even mentions the word “compensation.” The SSP references to “compensation”...
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Any discussion of taxes herein is for general informational purposes only and does not purport to be complete or cover every situation. Independent Life, its affiliates, its distributors, and its and their respective representatives do not provide tax, accounting, or legal advice. You should confer with your qualified legal, tax and accounting advisors based on your particular circumstances. All guarantees are obligations of Independent Life Insurance Company.
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