[Code of Federal Regulations]
[Title 28, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 28CFR50.24]

[Page 78-79]
 
                    TITLE 28--JUDICIAL ADMINISTRATION
 
              CHAPTER I--DEPARTMENT OF JUSTICE (Continued)
 
PART 50--STATEMENTS OF POLICY--Table of Contents
 
Sec. 50.24  Annuity broker minimum qualifications.

    (a) Minimum standards. The Civil Division, United States Department 
of Justice, shall establish a list of annuity brokers who meet minimum 
qualifications for providing annuity brokerage services in connection 
with structured settlements entered by the United States. Those 
qualifications are as follows:
    (1) The broker must have a current license issued by at least one 
State, the District of Columbia, or a Territory of the United States as 
a life insurance agent, producer, or broker;
    (2) The broker must have a current license or appointment issued by 
at least one life insurance company to sell its structured settlement 
annuity contracts or to act as a structured settlement consultant or 
broker for the company;
    (3) The broker must be currently covered by an Errors and Omissions 
insurance policy, or an equivalent form of insurance;
    (4) The broker must never have had a license to be a life insurance 
agent, producer, or broker revoked, rescinded, or suspended for any 
reason or for any period of time;
    (5) The broker must not have been convicted of a felony; and
    (6) The broker must have had substantial experience in each of the 
past three years in providing structured settlement brokerage services 
to or on behalf of defendants or their counsel.
    (b) Procedures for inclusion on the list. (1) An annuity broker who 
desires to be included on the list must submit a ``Declaration'' that he 
or she has reviewed the list of minimum qualifications set forth in 
paragraph (a) of this section and that he or she meets those minimum 
qualifications. A sample of the Declaration for annuity brokers to 
submit is available from the Civil Division's Web site (http://
www.usdoj.gov/civil/home.html) or by written request to the address in 
this section. These minimum qualifications must be continually met for a 
broker who has been included on the list to remain included when the 
list is updated thereafter. The Declaration must be executed under 
penalty of perjury in a manner specified in 28 U.S.C. 1746.

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    (2) Each broker must submit a new Declaration annually to be 
included on updated lists. For a broker to be included on the initial 
list to be established by May 1, 2003, the Torts Branch, Civil Division, 
must receive the broker's Declaration no later than April 24, 2003. If 
the broker wishes to be included on updated lists, the Torts Branch must 
receive a new Declaration from the broker between January 1 and April 10 
of each successive calendar year. After the Declaration is completed and 
signed, the original must be mailed to the United States Department of 
Justice, Civil Division, FTCA Staff, Post Office Box 888, Benjamin 
Franklin Station, Washington, DC 20044. The Department of Justice will 
not accept a photocopy or facsimile of the Declaration.
    (3) A Declaration will not be accepted by the Department of Justice 
unless it is complete and has been signed by the individual annuity 
broker requesting inclusion on the list. A Declaration that is 
incomplete or has been altered, amended, or changed in any respect from 
the Declaration at the Civil Division's Web site will not be accepted by 
the Department of Justice. Such a Declaration will be returned to the 
annuity broker who submitted it, and the Department of Justice will take 
no further action on the request for inclusion on the list until the 
defect in the Declaration has been cured by the annuity broker.
    (4) The Department of Justice will retain a complete Declaration 
signed and filed by an annuity broker requesting to be on the list. 
Because this rule does not require the submission of any additional 
information, the Department retains discretion to dispose of additional 
information or documentation provided by an annuity broker.
    (5) The Department of Justice will not accept a Declaration 
submitted by an annuity company or by someone on behalf of another 
individual or group of individuals. Each individual annuity broker who 
desires to be included on the list must submit his or her own 
Declaration.
    (6) An annuity broker whose name appears on the list incorrectly may 
submit a written request that his or her name be corrected. An annuity 
broker whose name appears on the list may submit a written request that 
his or her name be removed from the list.
    (7) To the extent practicable, a name correction or deletion will 
appear on the next revision of the list immediately after receipt of the 
written request for a name correction or deletion. A written request for 
a name correction or deletion must be mailed to the United States 
Department of Justice, Civil Division, FTCA Staff, Post Office Box 888, 
Benjamin Franklin Station, Washington, DC 20044. Facsimiles will not be 
accepted.
    (8) The list of annuity brokers established pursuant to this section 
will be updated periodically, but not more often than twice every 
calendar year, beginning in calendar year 2004.
    (c) Disclaimers. (1) The inclusion of an annuity broker on the list 
signifies only that the individual declared under penalty of perjury 
that he or she meets the minimum qualifications required by the Attorney 
General for providing annuity brokerage services in connection with 
structured settlements entered into by the United States. Because the 
decision to include an individual annuity broker on the list is based 
solely and exclusively on the Declaration submitted by the annuity 
broker, the appearance of an annuity broker's name on the list does not 
signify that the annuity broker actually meets those minimum 
qualifications or is otherwise competent to provide structured 
settlement brokerage services to the United States. No preferential 
consideration will be given to an annuity broker appearing on the list 
except to the extent that United States Attorneys utilize the list 
pursuant to section 11015(b) of Public Law 107-273.
    (2) By submitting a Declaration to the Department of Justice, the 
individual annuity broker agrees that the Declaration and the list each 
may be made public in its entirety, and the annuity broker expressly 
consents to such release and disclosure of the Declaration and list.

[Order No. 2667-2003, 68 FR 18120, Apr. 15, 2003]

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