Important Things to Know About Structured Settlements

• What Are Structured Settlement Annuities? 
• What is a Structured Settlement?
• How Do Structured Settlement Annuities Differ From Traditional Retirement Annuities? 
• What Kind of Rates Can You Get on Structured Settlement Annuities in New York? 
• With the introduction of Prudential's Income Advantage, an index linked structured settlement annuity in October 2023, there is increased choice and inviting options for all durations. Pacific Life is working on imnprovmenets to its ILAPA, indexed linked annuity adjustnment rider and we hope to have news ahout that later in 2024. 

Which New York licensed life insurance companies write structured settlement annuities in New York City boroughs of Bronx, Brooklyn (Kings), Queens, Staten Island (Richmond) and New York (Manhattan), and suburbs in Nassau, Suffolk, Westchester, Orange, Putnam and Rockland Counties today?  

These companies issue structured settlement annuities to help fund New York City area settlements for personal injury, medical malpractice, wrongful death, aviation, auto accident and workers compensation settlements and to fund Structured Medicare Set Asides in 2024.

1. Metropolitan Life Insurance Company Home Office: New York, NY
2. Metropolitan Tower Life Insurance Company Home Office : Wilmington, DE
3. New York Life Insurance Company Home Office: New York, NY
4. Pacific Life and Annuity Company Home Office : Newport Beach, CA
5. The Prudential Insurance Company of America Home Office: Newark, NJ
6. United States Life Insurance Company in The City of New York Home Office: New York, NY
   

Settlements in the surrounding counties in the New York City Tri-State area, such as Fairfield County, CT and Bergen County , NJ would substitute, Berkshire Hathaway Life Insurance Company of Nebraska, Pacific Life Insurance Company and American General Life Insurance Company for numbers 1, 6 and 7 respectively. Furthermore, there are multiple insurance companies such as United of Omaha, USAA Life Insurance Company, and Independent Life Insurance Company, that issue structured settlement annuities elsewhere, but do not write policies in New York state. 

Please note that a limited number of insurance companies underwrite structured settlement annuities compared to the number issuing other types of annuities and insurance products.

Funding Structured Judgments Pursuant to NY CPLR Articles 50A or 50B

For New York cases that go to a structured judgment, pursuant to NY CPLR Article 50A or Article 50B, only three of the above structured settlement annuity issuers will write annuities to fund New York structured judgments:

1. Metropolitan Life Insurance Company
2. Pacific Life and Annuity Company
   
3. United States Life Insurance Company in The City of New York

The onerous acceleration provision for late payments in CPLR Articles 50A and 50B is the primary reason for why only three carriers write structured judgment annuities in New York state.  Under CLPR Section 5044, if a structured judgment debtor "fails for any reason to make a payment in a timely fashion according to the terms of" Article 50B, upon the judgment creditor's petition, an order may be granted accelerating all of the periodic payments without conversion to present value.

Periodic Payment Reinsurance is available through National Indemnity Company (Berkshire Hathaway) and United States Life Insurance Company in the City of New York

Who Offers Structured Settlement Annuities in the New York City Area?

Structured settlement annuities are only offered through appointed structured settlement managing general agencies by their insurance licensed employees, or through affiliated insurance licensed independent agents and brokers . 4structures.com LLC  provides structured settlement and structured judgment advice to clients on New York claims in Manhattan, Bronx, Brooklyn, Queens , Staten Island, Long Island (both Nassau and Suffolk Counties), Westchester,  Orange, Hudson,  Albany, Syracuse, Niagara, Kingston, Binghamton, Oswego, the Southern Tier, Rochester & Buffalo and elsewhere throughout New York State.

Note that structured settlements can also be funded with United States Treasury Obligations. Market Based Structured Settlement solutions are also available for periodic payment plans payable to claimants, attorneys and law firms.

Need New York City Structured Settlement Quotes now? Call 888-325-8640

Call 888-325-8640  toll-free, for New York structured settlement quotes for NY personal injury, NYC wrongful death, NYC medical malpractice, NYC employment structured settlement quotes, divorce structured settlement quotes, periodic payment reinsurance structured sales quotes for business installment sales and real estate installment sales. Or you can complete a brief contact us form  here

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Last updated February 25, 2024

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