The National Association of Insurance Commissioners (NAIC) has recently voted to update its Suitability in Annuity Transactions Model Regulation (Model Number 275). States can use NAIC Model Regulations when developing their own laws but have no requirement to do so. Many states previously enacted laws based upon the NAIC’s original 2010 Model Suitability Regulation and most states are expected to quickly amend their laws to correspond with the...
What is a Structured Settlement Consultant and Why Do You Need One? According to the National Structured Settlement Trade Association, “Structured settlement consultants are available to discuss your needs and hopes for resuming your life after your injury. They will educate you about what a structured settlement is and if it is a suitable solution to meet your...
We recognize that you may be experiencing significant changes in your everyday life while thinking through the full impact of COVID-19 on you, your family, and your business. To that end, we wanted to provide the following information about Independent Life. Operations For the safety of our employees, we have taken precautions and activated our...
Book Review: What You Can Expect When Expecting a Settlement Assuming you are a professional structured settlement consultant and/or settlement planner, what is the first advice you generally offer to your clients who are expecting a financial settlement? Traci Kaas, an Independent Life agent, who identifies herself professionally as a Certified Financial Transitionist (CeFT), a...
What Do Smart Phones Have in Common with Structured Settlements? If a future business historian were to make an analogy between the personal injury settlement planning market in 2030 and the smart phone market in 2020, which product will structured settlement annuities resemble more – the BlackBerry or the iPhone? When Chinese electronics company TCL Communication announced this week that...
What is a Qualified Settlement Fund? IRC 468B Qualified Settlement Funds (QSFs) provide plaintiff attorneys and their clients with important advantages as a settlement technique for complex personal injury cases. Almost always utilized in mass tort cases, QSFs are also applicable to, and represent the preferred method for settling, many complex single event tort cases....
Responsibilities of Plaintiff Counsel in Structured Settlements As the Mraz case demonstrates, even the most successful and sophisticated trial attorneys aren’t always familiar enough with structured settlement and settlement planning to identify and achieve a “best interest” result for their client. Similarly, the Grillo case points out the potential legal liability for plaintiff attorneys who do not...
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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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