NC General Statutes - Chapter 1 Article 44B
Structured Settlement Protection Act.
§ 1-543.10. Title.
This Article may be cited as the North Carolina Structured Settlement Protection Act.
(1999-367, s. 1.)
§ 1-543.11. Definitions.
For purposes of this Article:
"Annuity issuer" means an insurer that has issued an annuity or insurance
contract used to fund periodic payments under a structured settlement;
"Discounted present value" means the fair present value of future payments,
as determined by discounting such payments to the present utilizing the
tables adopted in Article 5 of Chapter 8 of the General Statutes;
"Independent professional advice" means advice of an attorney, certified
public accountant, actuary, or other licensed or registered professional or
Who is engaged by a payee to render advice concerning the legal,
tax, and financial implications of a transfer of structured settlement
Who is not in any manner affiliated with or compensated by the
transferee of such transfer; and
Whose compensation for rendering such advice is not affected by
whether a transfer occurs or does not occur;
"Interested parties" means, with respect to any structured settlement, 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 the terms of the structured settlement;
"Payee" means an individual who is receiving tax-free damage payments
under a structured settlement and proposes to make a transfer of payment
"Qualified assignment agreement" means an agreement providing for a
qualified assignment within the meaning of section 130 of the Internal
Revenue Code, United States Code Title 26, as amended from time to time;
"Responsible administrative authority" means, with respect to a structured