Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to judiciary |
Jan 27, 2011 |
referred to judiciary |
Assembly Bill A3786
2011-2012 Legislative Session
Sponsored By
MORELLE
Archive: Last Bill Status - In Assembly 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
co-Sponsors
Sam Hoyt
multi-Sponsors
Thomas Abinanti
2011-A3786 (ACTIVE) - Details
2011-A3786 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3786 2011-2012 Regular Sessions I N A S S E M B L Y January 27, 2011 ___________ Introduced by M. of A. MORELLE, HOYT -- read once and referred 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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