Entries by lisa

Structured Settlement Fraud – Forum Shopping

A factoring company may only file a transfer petition in the seller’s state of residence or domicile. If a factoring company causes a transfer petition to be filed in a state other than the state where the seller lives, then the factoring company is not complying with applicable State and Federal laws. Edward Stone Law […]

#BlackLivesMatter

#BlackLivesMatter This is no time to be silent. To be silent is to be complicit. Edward Stone Law stands in solidarity with the Black community in support of the fight to end racial injustice. In the words of Martin Luther King, Jr., “Injustice anywhere is a threat to justice everywhere.” #BlackLivesMatter

Life Policy Found Void as an Illegal Human Life Wager

In a recent decision issued by the U.S. District Court for the Northern District of Georgia – Atlanta Division, the Court found that an insurance policy taken out on the life of Kelly Douglas Couch and issued by Jackson National Life Insurance Company was void ab initio as “an illegal human life wager.” In a […]

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Favorable Decision for Executive Life Victim Trevor Langkamp

Trevor Langkamp was the recipient of one of the dreaded notices from the New York Liquidation Bureau in December, 2011 telling him that his annuity benefits from Executive Life Insurance Company of New York would be cut. The liquidation of Executive Life Insurance Company of New York (ELNY) was finalized in April, 2012 and despite […]

Lockheed Martin Pension Risk Transfer to MetLife

Bethesda, Maryland based Lockheed Martin Corp. transferred $1.9 Billion in pension obligations for 20,000 US retirees to a subsidiary of MetLife, Metropolitan Tower Life Insurance Co. Lockheed Martin has done at least two previous pension risk transfers to insurance companies.  In January 2019, Lockheed Martin transferred $1.8 Billion in pension obligations to Prudential and also […]

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Voya Sells to Resolution Life

On December 18, 2019, Voya Financial, Inc. and Resolution Life Group Holdings Ltd. announced the terms of an agreement where Voya sold substantially all of its in-force life business, including its pension risk transfer liabilities for $1.250 Billion, which included cash of $902 Million, and retained surplus notes of $123 Million. Resolution Life will assume […]

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Pension Risk Transfer: Annuity Buy-In or Buy-Out

What is the difference between a pension risk transfer via an annuity “buy-in” or “buy-out?” With an annuity “buy-in” a plan sponsor purchases one or more group annuity contracts to cover pension obligations with the plan sponsor remaining responsible for making payment to the plan participants. With an annuity “buy-out” the defined benefit plan sponsor […]

Pension Risk Transfer – Facts from 2019

Pension risk transfer facts for 2019: First Quarter 2019: 78 “Buy-out” group annuity contracts purchased by Plan Sponsors “Buy-out” purchases surpassed $4.7 Billion Second Quarter 2019: 112 “Buy-out” group annuity contracts purchased by Plan Sponsors “Buy-out” purchases were $4.166 Billion “Buy-in” purchases were $880 Million. This represented the 5th consecutive quarter with the sale of […]