Who We Are
Our Members and How They Serve
AASC represents settlement consultants from across the country. Settlement consultants are essential to preserving the structured settlement, which are regularly scheduled, periodic payments to injured parties and their families over an extended time rather than in a lump sum cash payment.
Consultants serve on both the plaintiff and the defense side of a case and help bridge the gap in negotiations to reach a settlement that is mutually beneficial to both parties. Structured settlement funds are placed in fixed-annuities and investment accounts, for tax-free or tax-deferred growth for the plaintiff. By choosing a structured settlement, individuals and their families realize a safe and steady stream of payments that can last a lifetime. Unfortunately, lump sum payments can quickly dissipate and leave individuals without income when they need it most. Settlement consultants serve their clients by helping them avoid that outcome.
There are over 800 licensed settlement consultants in the United States. Settlement consultants must pass state licensing exams and complete ongoing continuing education in order to place client funds into a structured settlement. Additionally, settlement consultants must be appointed by each life insurance company to place structured settlement funds into their products. The ten largest structured settlement annuity providers in the U.S. are: Amgen/AI Life/USL, Berkshire Hathaway, Independent Life, Liberty Life, MetLife, Mutual of Omaha, New York Life, Pacific Life, Prudential Life and USAA. These structured settlement providers are highly rated by the National Association of Insurance Commissioners (NAIC) approved rating agencies and highly regulated through statutory law and oversight by state insurance departments.
In 2019, over $6.5 billion was placed in structured settlement products in the U.S. to over 26,000 individuals. These individuals represent injured parties ranging from victims in car and workplace accidents to users of hazardous consumer products to victims and family members of victims in mass shootings. Due to COVID-19 related court closures and lock downs, our industry saw a 47% reduction in fourth quarter production in 2020 compared to the same quarter in 2019. AASC wants to modernize and expand the structured settlement industry so settlement consultants can continue to help injured parties and their families for the foreseeable future.