Title 51, Chapter 12, Section 70
As used in this article, the term:
(1) "Administrator" means the administrator of the "Fair Business Practices Act of 1975" appointed pursuant to subsection (a) of Code Section 10-1-395 or his or her designee.
(2) "Annuity issuer" means an insurer that has issued an insurance
contract used to fund periodic payments under a structured
(3) "Applicable law" means:
(A) The federal laws of the United States;
(B) The laws of this state, including principles of equity
applied in the courts of this state; and
(C) The laws of any other jurisdiction:
(i) Which is the domicile of the payee or any other interested
(ii) Under whose laws a structured settlement agreement was
approved by a court or responsible administrative authority;
(iii) In whose courts a settled claim was pending when the
parties entered into a structured settlement agreement.
(4) "Discounted present value" means the fair present value of
future payments, as determined by discounting such payments to the
present using the most recently published applicable federal rate
for determining the present value of an annuity, as issued by the
United States Internal Revenue Service.
(5) "Interested parties" means, with respect to any structured
settlement agreement, the payee, any beneficiary designated under
the annuity contract to receive payments following the payee's
death, the annuity issuer, the structured settlement obligor, and
any other party that has continuing rights or obligations under
such structured settlement.
(6) "Payee" means an individual who is receiving tax-free damage
payments under a structured settlement and proposes to make a
transfer of payment rights thereunder.
(7) "Qualified assignment agreement" means an agreement providing
for a qualified assignment within the meaning of Section 130 of
the United States Internal Revenue Code, United States Code Title
(8) "Settled claim" means the original tort claim or workers'
compensation claim resolved by a structured settlement.
(9) "Structured settlement" means an arrangement for periodic
payment of damages for personal injuries established by settlement
or judgment in resolution of a tort claim or for periodic payments
in settlement of a workers' compensation claim.
(10) "Structured settlement agreement" means the agreement,
judgment, stipulation, or release embodying the terms of a
structured settlement, including the rights of the payee to
receive periodic payments.
(11) "Structured settlement obligor" means, with respect to any
structured settlement, the party that has the continuing periodic
payment obligation to the payee under a structured settlement
agreement or a qualified assignment agreement.
(12) "Structured settlement payment rights" means rights to
receive periodic payments (including lump sum payments) under a
structured settlement, whether from the settlement obligor or the
annuity issuer, where:
(A) The payee or any other interested party is domiciled in this
(B) The structured settlement agreement was approved by a court
or responsible administrative authority in this state; or
(C) The settled claim was pending before the courts of this
state when the parties entered into the structured settlement
(13) "Terms of the structured settlement" includes, with respect
to any structured settlement, the terms of the structured
settlement agreement, the annuity contract, any qualified
assignment agreement, and any order or approval of any court or
responsible administrative authority or other government authority
authorizing or approving such structured settlement.
(14) "Transfer" means any sale, assignment, pledge, hypothecation,
or other form of alienation or encumbrance made by a payee for
consideration, but does not include:
(A) Any transaction which is expressly provided for in the
structured settlement agreement and is executed within 30 days
after execution of the structured settlement agreement; or
(B) Any testamentary disposition by the payee.
(15) "Transfer agreement" means the agreement providing for the
transfer of structured settlement payment rights from a payee to a