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The Structured Settlement Brokers Association

Every industry has their trade association, and the Structured Settlement Brokers Association is for the structured settlement and factoring companies that deal with settlements. Whether they design structured-settlements, or buy them for a lump-sum, this is the trade group that they would want to belong to.

Such a trade group is a good thing, as it is a way for the private-sector to police its membership, and maintain a higher quality of services, while adhering to a Code of Ethics. There are also benefits to belonging to this trade group. Continuing education is a huge benefit, and keeps its membership on top of the latest industry news, as well as the latest Congressional Actions and State Statutes that may be updated, or revised.

The National Structured Settlements Trade Association (NSSTA)

This has been the voice of this industry since 1985. At present, there are almost 1200 members. Among the ranks of members, you will find: attorney’s, insurance firms, Licensed consultants, and other individuals who work with the survivors of accidents and their families.

Since Congress passed a Bill favoring structured-settlements in 1983, the industry has grown exponentially, now exceeding more than $800B in sales of Annuities by the insurance companies. This new legislation was enacted so that payments from a structured-settlement would be free from state and federal income taxes.

Code Of Ethics

It is important for such a trade organization to provide guiding-principles to its membership and member organizations. A member accepts these precepts and is obligated to act according to these rules when providing structured-settlement services. These rules of ethics are applicable to all NSSTA member firms, their employees, and individual-members.

Rule 1. Integrity and Fidelity:

            * All NSSTA members shall offer and provide their professional services with integrity and fidelity.

Rule 2. Competence:

            * All members shall acquire and maintain the necessary knowledge and skills to assure delivery of high quality professional service.

            * Knowledge and experience are the cornerstones of this industry. All NSSTA members are expected to have an understanding of relevant provisions of the tax codes, claim procedures and terminology, provider company products and procedures, negotiation skills and financial planning concepts.                                                             

Rule 3. Fairness, Honesty and Due Care:

            * Fairness mandates intellectual honesty and disclosure of relevant conflict(s) of interest. All members shall exercise reasonable due diligence and care when performing structured-settlement services.

Rule 4. Confidentiality:

            * To promote structured-settlements and to strengthen the NSSTA, all members will hold in strict confidence, the confidential, sensitive and private information they have been entrusted with by their clients. All members must not reveal information agreed upon as being confidential without the expressed consent of the source of the information, or in furtherance of a subpoena or court order.

Rule 5: Professionalism:

            * All NSSTA members are expected to behave with dignity and courtesy to all those who may benefit from their services, including fellow professionals and those in related fields, clients and the general public.

Rule 6: Compliance:

            * All NSSTA members should comply with all federal and state laws and regulations applicable to the structured-settlement services provided.

A full reading of the Code of Ethics can be found at the NSSTA Website. As you can see, the Structured Settlement Brokers Association is a vital part of the industry.