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Structured Settlements: United States
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Structured Settlements have become quite common and offer the additional security of regulation by both Federal and State statutes. There are ... provisions in IRS and Medicare/Medicaid guidelines which take them into account.
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If enacted, the bill could severely restrict factoring transactions in the stateand is contrary toseveral provisions of the model Structured Settlement Protection Act promoted by the National Structured Settlements Trade Association (NSSTA) and the National Association of Settlement Purchasers (NASP). The groupshave lobbied states to adopt the model law since agreeing to compromise language in 2000. Forty-six states have adopted the law. The remaining states, including West Virginia, have existing state laws in place.
The system of structured settlements was first introduced in Canada in the early 1970’s and spread into the United States very quickly. Within a few years, the idea had found its way to many countries including Australia and most member states of the European Union.
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New techniques using structured settlements are constantly being developed for an increasing variety of claims. The widespread appeal of structured settlements is evident in the fact that 33 states have adopted periodic payment-of-judgment statutes. Many of these laws mandate that certain types of verdict awards be paid out in a periodic manner.
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To ensure that you will not be taken advantage of in this delicate process, the government introduced a new federal law in 2002 that requires you to seek court approval when you sell your structured settlement. This law works in conjunction with state laws to direct how the transaction will be completed.
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On Friday, March 7, the West Virginia legislature gave final approval to a bill that amends the state law governing transfers of rights to receive future structured settlement payments. The bill now goes to Governor Joe Manchin for his signature.
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