At Independent Life we pride ourselves on delivering excellence, and today, we’re celebrating an exceptional effort by Laurel Rochwarger. Recently, Laurel went above and beyond to ensure that a crucial document was turned around to a structured settlement consultant in record time ⏱ This is a perfect example of our commitment to service and the...
We are pleased to take this opportunity to highlight the exceptional efforts of Roseline Orelus in enforcing our Payee Protection Policy (PPP), which has significantly contributed to the protection and benefit of our policy holders. Over the past year, Roseline has demonstrated an unwavering commitment to upholding ILIC’s PPP through meticulous attention to detail and proactive...
First published in 1986, Release 74 for “Structured Settlements and Periodic Payment Judgments” will be made available to subscribers this month by publisher Law Journal Press. Online subscribers will receive their update simultaneously with no additional subscription charge. “Structured Settlements and Periodic Payment Judgments” (herein sometimes referred to as “the book”) consists of 16 chapters...
On March 14, 2023, the New York State Court of Appeals heard oral arguments in the matter of Cordero v. Transamerica (Cordero Case) – a significant case for structured settlements because it challenges important assumptions about contractual rights and duties among settlement recipients, assignment companies and annuity providers. Plaintiff Lujerio Cordero (Cordero) is/was a structured settlement...
Introduction ChatGPT is a chatbot developed by OpenAI and launched in November 2022. You can access a trial version for free. Using ChatGPT’s inquiry process, Independent Life received the unedited answers below to the indicated questions we submitted. *Independent Life does not claim to validate the accuracy, or lack thereof, of ChatGPT’s responses to Independent Life’s questions. Likewise,...
Introduction ChatGPT is a chatbot developed by OpenAI and launched in November 2022. You can access a trial version for free. Continuing a structured settlement discussion with Independent Life, ChatGPT responded to our questions below about Qualified Settlement Funds (QSFs) as well as more general questions about Structured Settlements in this prior Independent Life article. *Independent Life does not...
Premium Success in 2022 Propelled by record fourth quarter production exceeding $2 billion of annuity premium, which surprised many industry participants including this writer, 2022 structured settlement annuity production currently is estimated to have exceeded $6 billion. Congratulations to structured settlement professionals, annuity providers and other industry stakeholders who contributed to this success! As an...
To paraphrase humor columnist Dave Barry, the best thing one can say about the structured settlement market in 2022, it could have been worse. 2022 Structured Settlement Premium Production Total 2022 structured settlement production during the first three calendar quarters was $3.95 billion which exceeded the 2021 total of $3.08 billion for the same period...
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....
Founded by insurance industry experts, Independent Life has challenged traditional conventions and introduced innovation and an impressive roster of world class partners to the structured settlement market – including LKCM Headwater, KKR’s Kilter Finance, Hannover Re U.S. and BlackRock. Our most recent innovation is iStructure – our indexed annuity which combines traditional structured settlement benefits...
A non-qualified assignment is a transfer of payment obligations that does not qualify under IRC Section 130. Non-qualified assignments, however, do share certain similarities as well as certain differences with assignments that do qualify under IRC Section 130 (“qualified assignments”). Qualified Assignments Compared The term “qualified assignment” is defined for tax purposes by IRC...
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.....
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”...
Among his many memorable quotes, Winston Churchill is credited with being the first to say “never let a good crisis go to waste.” Judging solely by reported structured settlement premium production, most structured settlement professionals and companies appear to have ignored Mr. Churchill’s advice for the second consecutive year. As the COVID pandemic continues to...
New Signing JACKSONVILLE, Fla., Feb. 8, 2021 /PRNewswire/ — Independent Insurance Group LLC (“Independent Group”) announced today the signing of a definitive agreement for an investment by Kilter Finance, an insurance-focused specialty finance company backed by KKR. Launched in 2018, Independent Group is the parent of Independent Life Insurance Company (“Independent Life”), the first insurance carrier to focus exclusively...
Let’s Talk About Conference season, albeit virtual, has officially kicked off with both the Society of Settlement Planners (SSP) and the National Structured Settlement Trade Association (NSSTA) announcing dates for their virtual 2021 Annual Conferences: February 23-25 for SSP and May 4-7 for NSSTA. SSP has already launched their conference website highlighting their agenda topics and speakers with a healthy mix of anticipated...
DALLAS, Jan. 4, 2021 /PRNewswire/ — Independent Life Insurance Company (“Independent Life”) announced today it has entered into a reinsurance agreement with Hannover Life Reassurance Company of America (“Hannover Re US”), rated A+ by A.M. Best. In accordance with this agreement, effective October 1, 2020 Hannover Re US will reinsure a percentage of Independent Life’s in-force business and new business....
For so many people starting a business and watching it succeed through hard work, courage, and a little bit of luck is the American dream. This certainly embodies the journey our team at Independent Life has experienced. As a result of those factors and the growing support of settlement professionals and attorneys across the country,...
The Impact of COVID-19 on the Structured Settlement Market How has the Impact of COVID-19 pandemic impacted the structured settlement market to date and what impact will it have in the future? Upchurch was quoted prominently in an article titled “Annuity-Funded Structured Settlements Are Slowed by Legal Logjam” written by Warren S. Hersch and published...
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...
Say Hello to our New NSSTA Committee Members! Since 1985, the National Structured Settlements Trade Association has been the leading voice of the structured settlement industry. Independent Life recognizes the impact NSSTA has on our industry and as new members, we are excited to contribute to and help further the NSSTA mission “to promote the establishment and preservation of structured...
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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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