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Reliance Insurance Company & Structured Settlements

As a buyer of structured settlement payment rights we have a strong know how of the industry. From the insurance companies who issue the payments to the hedge funds and financial institutions who securitze and purchase the payments for their reliable and safe payment income streams.

In 2001 according to the leading structured settlement blogger and expert Patrick Hindert of Ohio writes about their insolvency back in 2001. The state of Pennsylvanias commissioner of insurance was appointed to help lead the liquidation. As of today September 2014 we have assets are still holding appoximately 3,300 strucutured settlemtns and 3,090 (give or take) involve annuities that were issued by the United Pacific Life Insurance company. This is a subsidiary of well known and written about right here: Reliance which was sold over 21 years ago. As of today the company that is still issuing structured settlement payments and we are still transferring payments for large lump sums of cash is known as Genworth Life 

A keystone state judge named Bonnie Brigance signed a petition. This petition that was signed almost a year ago approved the transfer and assumption agreemenet for Reliance and their structured settlement positions that are still outstanding. All of their contracts and payment obligations are now transferred to a new corporation. This new corporation is known as Genworth Annuity Service Corporation.

There are some excellent bullet points to be noted about Reliance Insurance and that is that there transferred settlement payments will continue to satisfy the corresponding pay periods no matter what the distribution amount and periodicity of the payments.

The Internal Revenue Service - IRS has said that both Reliance Insurance and Genworth will not suffer any tax consequences due to the transfer. 

The taxable treatment with these perioidic payments for the structured settlement recipients is to remain completely and utterly unchanged and Genworth Annuity Service Corporation is to have an ownership stake of 80% where Reliance is now a 20% owner.

Sell Reliance Structured Settlement Payments Now?

So after everything you just read about the liquidation and changes for the insurance company, you may be asking yourself if you want to sell your reliance structured settlement payment rights. Well that is a great question to ask yourself. Your pay outs are safe and are reliable. If you want a bigger pay out and a lump sum then you can certainly count on us to help you transfer your payment rights.