AIG bailout and structured settlements.

In this wrap up of one of the most dramatic weeks in the history of the United States financial system, Mark Wahlstrom, the President of Wahlstrom and Associates and Jan Schlichtmann, the host of Voices of the Law, discuss whats next for AIG now that the government has stepped in with their $85 billion bail out.

The big questions for lawyers are, will AIG property casualty claims still be paid, should they fear not being able to settle claims during this takeover and liquidation phase, are the life company annuity contracts safe and what should the average consumer do if they have an AIG policy or contract.

While it is still a scary time, Mark is preaching calm regarding the safety and solvency of the AIG life insurance and property casualty companies. However, with that calm and optimism about the ability of claims to be paid, he is also preaching caution for lawyers and settlement professionals about opening up new cases and settlement files until the details of the buyout and sale of assets is better understood. There is no reason to panic, pull annuity bids, request funds back and other radical moves, but you also shouldn't be in a rush to start writing new business until the situation becomes more clear.

Listen in to one of the best industry insider voices about how to handle your AIG claim, structured settlement or litigation on a special edition of Speaking of Settlements.

Also, if you wish to join Speaking of Settlements yourself just go to the professional network for settlement professionals by clicking on www.speakingofsettlements.com It costs you nothing to join and allows you to be part of the weekly conversation on The Legal Broadcast Network.

Comments

[Mark Vance]

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Waxhaw, NC 28173
April 18, 2009


The Honorable Kay Hagan
US Senator – North Carolina
B40A Dirksen Senate Office Building
Washington, DC 20510

Dear Senator Hagan:

I would like to share with you my personal experience with AIG Insurance Co. as an injured worker for the past 32 months, long before it became fashionable to dislike them publicly.
I sustained an on-the-job-injury August 6, 2006 and to date have never received either temporary disability Workers Compensation benefits or permanent disability Workers Compensation benefits from AIG Insurance Co. Instead, the following AIG employees attempted to defraud me out of all Workers Compensation benefits by claiming an offset against a separate long-term disability insurance policy through another insurance company. Since I personally paid the premiums for this separate long-term disability insurance policy via payroll deduction, the fraudulent practice of these AIG individuals is illegal under North Carolina law. The rights of injured North Carolina workers are apparently irrelevant to the bailout-king AIG Insurance Co. and their fraudulent face is well-represented by:
Frances M. Clement
Brooks Stevens & Pope
PO Box 33358
Raleigh, NC 27636-3358

Physical Address: 5121 Kingdom Way
Raleigh, NC 27607
Offices on 3 rd floor Suite 300
919-481-9103
fclement@bsp-pa.com

Tina N. North
Claim Specialist
AIG Insurance Co.
411-WC Pittsburgh, PA
412-393-3929
Tina.North@AIG.com

My Workers Compensation AIG Insurance Co. claim number is #710-286671
The NC Industrial Commission File number for my case is #647232

Although Ms. Clement & Ms. North claim to have no desire to litigate, no benefit payment from AIG Insurance Co. is ever forthcoming. Evidently the AIG party fund has a much higher priority. Were it not for my separate personal insurance and frugality, I would have lost my home in addition to losing my professional position and health.

I implore all entities and agencies to right this endless wrong. These individuals should be held accountable and prosecuted for fraud by the North Carolina Industrial Commission. I have already filed a complaint with the commission. Ms. Clements has been aware of this payment impropriety since June 2008 and has been stalling progress on behalf of her AIG client ever since. Her ignorant request for my medical records on behalf of AIG in June 2008 triggered my concern. Such a request from a source that had denied I was entitled to any benefits at all was the catalyst for my initial analysis of NC Workers Compensation law.

As an injured North Carolina worker, I formally request that you use the power of your office to acquaint these AIG Insurance Co. employees with North Carolina law and assist them in gaining the proper respect for it. The scamming of injured North Carolina workers is the epitome of loathsome behavior by an organization with a history of staffing from the under-belly of society.

Thank you very much for your time and attention to this matter. I look forward to an eventual resolution to this nightmare.


Sincerely,
(Electronic signature)

Mark A. Vance

[Janice Miller]

I feel like no company is safe today. We have large corporations going down that affect every industry. When something happens like this it's too late. How do we prevent these mistakes from happening in the first place?