Treated Unfairly?

Treated Unfairly?

Block 11.4 Article 2.3 Transfers of Structured Settlement Payment Rights

10136(c)(12) Treated Unfairly?  Your District Attorney is Here to Help.


And the Attorney General too.  According to 10136(c)(12), the transfer company has to put a statement in the Disclosure Statement to the consumer stating, if you feel you are being ripped off, treated unfairly, or that you have been railroaded into doing something you don’t want to do, call your District Attorney immediately!


Here’s why:  according to California Insurance Code, any transfer company that successfully or NOT, attempts to transfer structured settlement payment rights in court, MUST file with the Attorney General of California a copy of any final court order approving or denying the transfer of structured settlement payment rights.


The Attorney General will hear from the transfer company anyway.  The Attorney General doesn’t want to hear from the consumer; that would mean something is terribly wrong.


10136(c)(12) The following statement: “If you believe you were treated unfairly or were misled as to the nature of the obligations you assumed upon entering into this agreement, you should report those circumstances to your local district attorney or the office of the Attorney General.”


So, if you feel, at any point in the game, that you are being treated unfairly, you get the Attorney Generals attention, and whether or not you meant to be a whistler blower, you’ve blown a loud whistle.


Your independent professional adviser can do this with you, or for you too.  Hopefully, if you have an independent professional adviser or a structured settlement advisor you can avoid this entire situation and save time, money, and irritation.

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AFG - Independent Professional Adviors

AFG – Independent Professional Adviors

Want to Sell Your Structured Settlement

By AFG Newswire Sept. 17, 2014 9:30 p.m.


Want to Sell Your Structured Settlement; Need too Much Future Medical Help?

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Do you have your own health insurance?  Is it sufficient to cover those future medical expenses?  These are the types of questions and more that an independent professional adviser will ask you to help you assess whether or not you fit the criteria to be “granted” in court.


If you attempt to sell your payments, and get denied, it goes on record.   Best to be as prepared as possible.


California Insurance Code 10139.5(b)(7) states “Whether the payee is, at the time of the proposed transfer, likely to require future medical care and treatment for the injuries that the payee sustained in connection with the incident that was the subject of the settlement and whether the payee lacks other resources, including insurance, sufficient to cover those future medical expenses”.


This clause is part of the “best interest” of the payee criteria the judge uses to see if it is in the “best interest” of the payee to sell their future payments.  If the judge finds that it is not in your best interest, the sale does not go through.


Most cases that go to court get granted.  Most people wanting to sell have an independent professional adviser.  Judges like when an independent professional advisor has been consulted.

Structured Settlement Lawyer

Structured Settlement Attorney

What Makes a Structured Settlement Transfer Effective

By AFG Newswire August 25, 2014 5:01 p.m.


What Makes a Structured Settlement Transfer Effective


A final court order makes a structured settlement transfer effective.  You can’t make a deal without going to court and getting approval.


California Insurance Code 10139.5, and what follow, simply state in the opening paragraph, “…has been approved in advance in a final court order based on express written findings by the court…” and it goes on to explain for exactly what the court is looking.  For more information, take a look at the plain meaning by googling™   “CA Insurance Code 10139.5“.


There used to be a day when court approval was not necessary and people were sometimes not being treated as fairly as they could. So the legislature passed the California Structured Settlement Protection Act to protect consumers wanting to sell structured settlements.


The law is located in the California Insurance Code in Sections 10134 to 10139.5. Under the law, judges have a 15 point plus criteria and checklist  to determine if a transfer should be approved.


Structured Settlement Protection Act Experts

Structured Settlement Protection Act Experts

If even one requirement is not met, a judge can also issue a postponement or a “continuation” for a later date to give you time to correct the mistake, or in other cases even issue a straight denial of your transfer.


Hiring an independent professional advisor that focuses on this type of work is the not only the best way to increase the chance that your transfer will be approved by a Court, but also that your transfer will be approved in one hearing.


Structured Settlement Attorney

Structured Settlement Transfer Granted San Bernardino County

By AFG Newswire

August 4, 2014


Structured Settlement Transfer Granted San Bernardino County

Structured Settlement Transfer “Granted”:  a San Bernardino County Resident, a New York Transfer Company, and a Sacramento Law Firm-With No IPA.


At the end of July, a San Bernardino County resident transferred his payment rights successfully to a bank based in New York, represented by attorneys based in Sacramento.   And no independent professional advice to be found for the resident.


This is legal.  The transferee, the structured settlement obligor, or the annuity issuer, must be from the county of original jurisdiction, in this case, it was San Bernardino County (10139.5(f)(1)).


The transfer company and their attorneys do not have to be from the county of original jurisdiction.  If there is another party buying the payment stream as a recycled annuity, they do not have to be from the county of original jurisdiction as well.


The sad part here, the resident had no independent professional adviser.  We have no idea what price he got for his dollar.  Rates differ with different companies, especially “out-of-state” companies.


The Importance of an Independent Professional Adviser

The growth of advancing laws creates a larger arena of events that needs consideration.  The importance of independent professional advice becomes greater.


The independent professional adviser is an accomplished thinker trained in performing due diligence on your behalf.  In this particular case, the resident dealt with a well established law firm who’s practice areas are “workers compensation”, “personal injury”, “bankruptcy”, “labor law”, “real estate”, “business law”, “social security”, and they command a hefty price for their services.


Then there is the bank in New York.  Did the resident really have bargaining power with a bank in New York that is a “full service, federally chartered savings bank serving professional service firms, law professionals, etc.”?


In addition, who was the third party mystery person?  Did they buy the payment stream?  Did this resident even know that angle of this whole deal?


It’s not that the resident or the “transferee” or the “payee” needed to understand the whole process, it is protection the resident needed.  The resident had no idea what options were out there, the resident was unrepresented; and it didn’t have to be that way.  California law provides $1,500 for an independent professional adviser.

Structured Settlement Transfer Granted San Bernardino County

Structured Settlement Attorney

Independent Professional Adviser to Your Rescue

The Independent Professional Adviser to Your Rescue:  Going Up Against the Insurance Giants

When Transferring Your Structured Settlement Payment Rights


Let’s go over some real life collisions/accidents in California that ended in settlements: 


Settlement:  $2,409,000.00-“Wrongful Death Arising Out of Traffic Accident Involving Truck-Insured’s truck driver attempted to make a left turn across highway when an auto coming in the opposite direction struck the side of the trailer.” AIG Claims Archive Search


Settlement:  $2,063,000.00-“The insured operates auto repair shops.  A vehicle was involved in an accident, which killed the driver and injured the passenger, after being worked on at the insured’s shop.  It is alleged that the insured ground down the brake rotors too far, installed the wrong brake calipers, and when rotating the tires, placed the tires with less thread on the rear instead of the front.  Testing concluded the rotors had been ground down past applicable limits.  There was no difference in the thread in the front and rear tires.  The police reconstruction test concluded the accident was caused by operator error-driving too fast on a wet roadway.  Insured accident reconstructionist concluded the same.”  AIG Claims Archive Search 


Settlement:  $11,036,000.00- “The insured is a retail pharmacy.  The insured’s pharmacy had been filling prescriptions for a minor patient over a 14-month period.  The patient was receiving a drug used to control a seizure disorder and was seizure free over that period of time.  The pharmacy misfilled the prescription with the wrong dosage of the drug.  The patient suffered an overdose of the drug.  The patient was treated and considered to have recovered, but suffered significant complications several weeks later as seizures returned.”  AIG Claims Archive Search


Where does all this money come from?  Insurance companies are backed by underwriters, that are backed by larger insurance companies that are backed by even larger multinational insurance companies, that aren’t even called insurance companies anymore at this level; they’re called “Financial Institutions” that sell and buy “financial products”, like annuities, that make up structured settlements.


The cases above were settled because the money was made possible by the giant Financial Institution, the annuity issuer, who in the end gets notified if one of these claimants decides to sell parts or all of their settlement.


If you were to sell part or all of your settlement, you will be going up against this type of insurance giant, because they get notified if you decide to sell.   It’s the law.   Requirements of California Insurance Code §10139.5(f)(2) requires that a notice of the proposed transfer and the application for its authorization be filed with the court and served on all interested parties not less than 20 days before the scheduled hearing on any petition for approval of a transfer of structured settlement payment rights.


This includes the insurance giant that issued the expensive annuity, the underwriters, and the original insurance company.  Are you prepared to go up against these insurance giants?


Transfer Companies are big, insurance-type companies that communicate everyday with the insurance companies.  By obtaining independent professional advice, you can step outside of the insurance arena and be represented independently.  Let your independent professional adviser protect you and rescue you from the insurance giants.


Structured Settlement Attorney

AFG - Independent Professional Adviors

AFG – Independent Professional Adviors