senate Bill S4306

2011-2012 Legislative Session

Relates to structured settlements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (6)
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

Votes

view votes

Apr 12, 2011 - Judiciary committee Vote

S4306
14
1
committee
14
Aye
1
Nay
7
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Judiciary committee vote details

S4306 - Details

See Assembly Version of this Bill:
A3786
Current Committee:
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:
S8072A, A11425

S4306 - Summary

Provides that a claimant shall have a claimant's structured settlement broker to objectively review the terms of the agreement and ensure that they are in the best interests of the claimant.

S4306 - Sponsor Memo

S4306 - 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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