§ 5-1701. Definitions. For purposes of this title: (a) “annuity issuer” means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement; (b) “dependents” include a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony or […]
§ 5-1702. Initial disclosure of structured settlement terms. In negotiating a structured settlement of claims brought by or on behalf of a claimant who is domiciled in this state, the defendant or defendant’s legal representative shall disclose in writing to the claimant or the claimant’s legal representative all of the following information that is not […]
§ 5-1703. Required disclosures to payee. Not less than ten days prior to the date on which the payee signs a transfer agreement, the transferee shall provide to the payee by first class mail and certified mail, return receipt requested or United States postal service priority mail, a separate disclosure statement, in bold type no […]
§ 5-1704. Provisions prohibited in transfer agreement. No transfer agreement or other document or agreement executed in association with the transfer shall contain any provision described in this section. To the extent that a prohibited provision is included in a transfer agreement such provision shall be void and unenforceable. A prohibited provision is: (a) any […]
§ 5-1705. Procedure for approval of transfers. (a) An action for approval of a transfer of a structured settlement shall be by a special proceeding brought on only by order to show cause. (b) Such proceeding shall be commenced to obtain approval of a transfer of structured settlement payment rights. Such proceeding shall be commenced: […]
§ 5-1706. Approval of transfers of structured settlement payment rights. No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been authorized […]
§ 5-1707. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this title: (a) The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments; (b) The transferee shall […]
§ 5-1708. General provisions; construction. (a) The provisions of this title may not be waived by any payee. (b) Any transfer agreement entered into on or after the effective date of this title by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee […]
§ 5-1708-a. Waiver for families of victims of terrorist attacks. Notwithstanding the provisions of section four thousand two hundred twenty-four of the insurance law: (a) An annuity issuer, or an employee or other representative of such issuer, shall be permitted to waive or offer to waive the commission or other compensation otherwise payable thereto as […]
§ 5-1709. Enforcement. (a) In addition to the other remedies provided, whenever there shall be a violation of this title, application may be made by the attorney general in the name of the people of the state of New York to a court of competent jurisdiction by a special proceeding to issue an injunction, and […]
