Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to judiciary |
Jun 24, 2011 |
committed to rules |
May 02, 2011 |
advanced to third reading |
Apr 13, 2011 |
2nd report cal. |
Apr 12, 2011 |
1st report cal.357 |
Mar 28, 2011 |
referred to judiciary |
Senate Bill S4306
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Judiciary Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2011-S4306 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3786
- Current Committee:
- Senate Judiciary
- Law Section:
- General Obligations Law
- Laws Affected:
- Amd §§5-1701 & 5-1702, add §5-1702-a, Gen Ob L
- Versions Introduced in 2009-2010 Legislative Session:
-
S8072, A11425
2011-S4306 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4306 TITLE OF BILL: An act to amend the general obligations law, in relation to structured settlements PURPOSE: To provide plaintiffs with continued availability and use of structured settlement agreements in lieu of a lump sum payments in tort and workers' compensation cases by guaranteeing their right to a claimant's structured settlement broker. SUMMARY OF PROVISIONS: In Section 2 of the bill, a new subdivision (a-1) is added to Section 5-1701 of the General Obligations Law (GOL), and defines a "claimant's structured settlement broker" as a person secured by the claimant to represent the claimant's interests in the acquisition of a funding mechanism for a structured settlement, including an annuity policy from a life insurer. Subdivision (e) of section 5-1702 of the GOL is re-lettered (f) and a new subdivision (e) is added, which provides that a claimant receive written notice of the claimant's right to secure a claimant's structured settlement broker to represent the claimant during the acquisition of the defendant's settlement funding mechanism,
2011-S4306 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4306 2011-2012 Regular Sessions I N S E N A T E March 28, 2011 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary AN ACT to amend the general obligations law, in relation to structured settlements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative intent. The legislature hereby finds and declares that the continued availability and use of structured settle- ment agreements which provide plaintiffs with periodic payments in satisfaction of a tortious claim or worker's compensation claim in lieu of a lump sum payment is of paramount importance to the public policy of this state which recognizes that injured persons have a right to money damages when injured by the negligent acts or statutorily recognized acts of others. It has long been concluded that spreading out large lump sum awards over the life of a claimant and in some cases, his or her dependents, can be in their best interest provided there is full disclo- sure of all the terms of the settlement agreement. By the terms of this act, such public policy will now be enhanced by permitting an objective review of the terms of the funding mechanism by the personal represen- tative of the claimant, a representative who is obligated only to the claimant and his or her best interest. Long standing public policy demands full and proper disclosure to a claimant of the viability and reliability of the party who will actually be making the payments agreed upon, and in the spirit of transparency and full and proper disclosure the legislature recognizes the right of a claimant to the professional services of an agent or broker who represents only his or her best interest, and not the best interest of the insurer. By enactment of the provisions of this act, the legislature believes that the playing field will be now leveled as it applies to a claimant's right to equal repre- sentation and in doing so it recognizes the rights of a claimant with respect to the acquisition of a funding mechanism or issuer of the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05169-01-1
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