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Structured Settlements and the Federal Bailout. Any Affect?
The Government is going to hopefully save the financial sector. One company stands out AIG.
The largest insurance company, with $1 trillion dollars in assets and 80 million clients and customers. AIG dominates the structured settlements annuities sector.
The question asked is, how will this effect structured settlements? Answer is None. All life insurance which covers annuities and structured settlements are under strict State Law and must have special reserve accounts.
The bailout of AIG by the US Government has no effect on the annuity and/or structured settlements sector of their business.
The insurance laws of that individual state governs annuities and/or structured settlements. A special reserve fund is set aside to cover all the commitments of each annuity and/or structured settlement.
All money or assets from life insurance section with reserve accounts are off limits, mandated by law. AIG may not borrow against or in any way touch this money.
In the case of AIG's life insurance department, the state of Texas supervises and monitors each of these reserve accounts that that guarantees these annuities and/or settlements.
Your structured settlement is safe and sound. The states not the feds are looking after your money.
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