Independent Life created the first Payee Protection Policy in the structured settlement industry on February 24, 2019 to protect our payees from any and all proposed transfer petitions we view as unfair to our payees.
As part of that Policy we also take the extra steps to re-engage the professionals that established the payment plan to secure it or weigh in on the wisdom of changing it.
Our Payee Protection Policy contains six Covenants - one of which promises that “[a]t least once a year, Independent Life will publish a report outlining the number of 5891 transfer petitions, orders approving and denying, and appeals affecting Independent Life contracts.” We are pleased to publish our first annual report which can be accessed by visiting our 5891 Updates Page.
As stated in our Payee Protection Policy, Independent Life is committed to fighting back against unfair pricing and predatory business practicing which sometimes occur with these proposed transfers. We hope other annuity providers will follow our lead and adopt their own Payee Protection Policies.