Home -> Law Blog Directory -> Litigation Blogs -> Structured Settlements 4Real

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Litigation

: Structured Settlements 4Real

He's Still Talking About Guaranty Associations in Sales Materials But Is It Kosher or Accurate?

By John Darer

ADVERTISEMENTS

Despite prohibitions on advertising state insurance guaranty associations in sales literature why does Millennium Settlements' Bryan Milner continue to do so?

As of June 25, 2010 at 125am EDT, the following Questions and Answers on alleviating structured settlement fears appears on a website captioned Millennium Settlements and attributed to Bryan Milner:

Q: Are Structured settlements "insured" or guaranteed by someone other than the company issuing them?

A: All states have a Guaranty Association Act. The Act states that in the event that a member insurer, who is licensed to sell annuities in that particular state, is ordered to be liquidated by a court, the Guaranty Association Act enables the State Guaranty Association to provide protection up to a certain amount for its residents who are holders of annuity policies with the solvent insurer. For example in North Carolina, the State Guaranty limit is $300,000.

Q: Is it possible to "split" annuities among different companies to spread risk? Would that also help to keep the annuity amount "under" the maximum coverage provided by the NC Guaranty Fund?

A: Yes, it is possible to "split" the settlement amount into different life companies for the structured settlement in order to stay under the $300,000 limit for the North Carolina Guaranty Association Act.

Structured settlement watchdog doing the "shake and bake"

Comments:

1. Regardless of Milner's capabilities as a settlement consultant, what Milner states contains inaccuracy and it may be unlawful. To wit...

N.C. GS 58-62-96 (a) No person shall make, publish, disseminate, circulate, or place before the public, or cause directly or indirectly to be made, published, disseminated, circulated, or placed before the public, in any newspaper, magazine, or other publication, or in the form of a notice, circular, pamphlet, letter, or poster, or over any radio station or television station, or in any other way, any oral or written advertisement, announcement, or statement that uses the existence of the Association or this Article for the purpose of sale or solicitation of or inducement to purchase any kind of insurance covered by this Article. (emphasis added)

North Carolina Life & Health Guaranty Association prohibition on advertising (N.C. GS 58-62-96)

2. This is not the first time the structured settlement watchdog has snarled in the direction of Bryan Milner. Commentary on Milner's apparent faux pas in this regard extends back over a year. This is the 4th post!

3. Milner's website also contains a multitude of other inaccuracies concerning the companies that issue structured settlement annuities, including inaccurate AM Best ratings, inaccurate ratings from other rating agencies, display of annuity issuers no longer writing structured settlements

4. The URL is http://www.msettlements-milner.com is registered to Louis Masry. Download Msettlements-milner

5. This author is aware that Millennium Settlement consultants are generally independent contractors and not employees of Millennium Settlement Consulting. Nevertheless given (1) neither Milner, nor Masry (as owner of the domain) have taken steps to correct inaccuracies or cease advertising that which appears should not be advertised (2) that the Millennium Settlements logo is being used and (3)Millennium Settlements is an IFS Company, one wonders if and when Millennium management or IFS management will take steps to stop the aforementioned.

Full post as published by Structured Settlements 4Real on June 25, 2010 (boomark / email).