As we mentioned in our previous newsletter, Prudential was working on requesting a Private Letter Ruling (PLR) for Structured Sales and recently had a Pre-filing Hearing with the U.S Internal Revenue Service, a crucial step in this process. As a result of the progress at the Hearing, Prudential has decided to suspend the underwriting of annuity contracts for Structured Sales to enable them to reassess the nature and structure of the annuity contract when used for this purpose. This moratorium is indefinite at the present time.
In light of this, Pruco Assignment Corporation will NOT be accepting assignments for Structured Sales transactions until further notice.
Both Pruco and Prudential remain committed to the structured sales market, and are hopeful that shortly, we will again be able to facilitate Structured Sales assignments.
Thank you for your time.
Sheik N Ahmad
PRUCO ASSIGNMENT CORPORATION