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: Structured Settlements 4Real

Structured Settlements: Liberty Life Assurance of Boston Strengthens Guarantee of Qualified Assignment Company

By John Darer

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Liberty Life Assurance Company of Boston, a subsidiary of Liberty Mutual Insurance Company has made a significant improvement to its structured settlement product offering.

Effective November 1, 2010 qualified structured settlements assigned to Liberty Assignment Corporation will carry the guarantee of Liberty Life Assurance Company of Boston. A company spokesperson said that the new guarantee is in addition to the existing Liberty Mutual guarantee of Liberty Life Assurance Company of Boston.

The new guarantee is a welcome addition and fills the void left when Liberty Mutual stopped issuing surety bonds to back up the qualified assignee on new structured settlements several years ago. Since then, (up until November 1, 2010)  the only guarantee in place was the unusual and unique guarantee by parent Liberty Mutual Insurance Company of the annuity issuer (as opposed to the assignee). 

The structured settlement process is illustrated in the flow diagram set forth below and gives the reader a better visual of how the two guarantees fit into the picture. The guarantees are also summarized below

How Structured Settlement Works Flow Chart-CTLA
Summary of Liberty Mutual Structured Settlements Guarantees  (effective November 1, 2010)

  • Guarantee of performance of qualified assignee, Liberty Assignment Corporation, by Liberty Life Assurance Company of Boston.
  • Guarantee of performance of Liberty Life Assurance Company of Boston by Liberty Mutual Insurance Company.  Download LibertyMutualCorporateGuaranteeLibertyLifeBoston

Improvement to Non Qualified Assignment Program Coming

In response to this author's question, a Liberty Life spokesperson responded that the company is  working on a similar guarantee for its non qualified assignee,  BARCO Assignments, Ltd. and hopes to have something in place by year end, or early 2011.


 

Full post as published by Structured Settlements 4Real on September 24, 2010 (boomark / email).

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