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Litigation

: Structured Settlements 4Real

Forge Consulting Advertising Issue

By John Darer

ADVERTISEMENTS

The New Year wouldn't be the same without giving my "friends" at Forge Consulting a little toot.

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Forge was commended by us in September for being the only settlement firm oiher than this author's to state the full legal name of the insurance company and the city and state of its home office on its website in compliance with § 2122(b) of the New York insurance law. Well that is until a peek at the Forge Consulting website today appeared to support that such praise be shortlived.

Here's  a slice of what appeared on Forge website at the time of this posting:

FORGE Consulting is proud to be directly appointed with the following life insurance companies, which are described as Structured Settlement Provider Company members by the NSSTA (http://www.nssta.com/Resource.phx/public/member-links.htx).

FORGE Consulting provides access to these highly rated life insurance companies. These valuable relationships are an integral part of our ability to provide the best possible settlement in the industry...

American General Life Insurance Company - Houston, TX
American International Life Assurance Company of New York - New York, NY
American General Annuity Service Corporation
American Home Assurance Company ...

Hartford Life Insurance Company - Hartford, CT

Hartford Comprehensive Employee Benefit Service Company (CEBSCO)
...
John Hancock Life Insurance Company - Bostom, MA
John Hancock Assignment Company

Comments

This author understands that Forge Consulting (and several others) no longer writes new structured settlement annuity business directly with ANY of the companies listed above. Here's what we know:
  1. Hartford Life Insurance Company is no longer "described as a Provider member of NSSTA" and hasn't been writing structured settlements for over two months.
  2. At year end John Hancock Life Insurance Company was merged in to John Hancock Life Insurance Company (USA) and John Hancock Life Insurance Company of New York was made the New York unerwiting company. Directly appointed brokers were notified of the merger in September and reminded of it later in the Fall. But I guess that's not enough for some! Furthermore, when it comes to the former home office of John Hancock's former structured settlement underwriting company one wonders were the Forge "fly boys" thinking "Bosom" or "Boston"? 
  3. It is industry knowledge that American General Life Insurance Company and American International Life Assurance Company of New York pulled the appointments of several companies, including Forge in December. I understand that Forge can no longer write business with the two companies directly. Any new business would need to be pipelined through another broker. Medial records if submitted to such companies would have to be submitted through the pipeline broker,

When will Forge Consulting make the necessary changes to its website to comply with New York insurance law as it applies to advertising by agents and brokers?

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Full post as published by Structured Settlements 4Real on January 08, 2010 (boomark / email).

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