WASHINGTON, Aug. 19, 2021 /PRNewswire-PRWeb/ — The National Structured Settlements Trade Association (NSSTA), whose mission includes preserving structured settlements as sources of long-term financial security for injury victims and their families, applauds the State of New Hampshire for enacting a Structured Settlement Protection Act (SSPA). Last week Governor Chris Sununu signed into law Senate Bill 134, which includes the SSPA. Now all 50 states and the District of Columbia have SSPAs protecting people with structured settlements against predatory purchases of their rights to receive future payments. NSSTA President Michael Goodman says, “This SSPA legislation is exactly what NSSTA has supported across the nation for many years so that injured people and their families are not deprived of the financial security that structured settlements provide.”
NSSTA is grateful for strong support from legislators, attorneys and allies in New Hampshire including the bill’s primary sponsor, Senator Sharon Carson and Marissa Chase, Executive Director of the New Hampshire Association for Justice (NHAJ). Among its many protections, the New Hampshire SSPA requires that any sale of structured settlement payment rights receive advance court approval, following an in-person hearing, based on the court’s determination that the sale is in the best interest of the settlement recipient and his or her dependents.
NSSTA Board Member and New Hampshire resident Ryan Jandreau says, “I could not be more pleased with Governor Sununu’s signing of SB 134. It reflects the latest and best protections that have been enacted in other States, starting with the model legislation originally developed by NSSTA. NSSTA Board Member Peter Early adds “As a New Hampshire resident I’m thrilled that structured settlement recipients in my home state now enjoy the same SSPA safeguards that apply to other settlement recipients across the country, wherever they live.”
For a small, specialized organization like NSSTA, securing enactment of SSPAs nationwide – initially over vigorous opposition from settlement purchasers – is a signal achievement. Since early 1998, when Kentucky became the first State to enact an SSPA based on the model developed by NSSTA, SSPA legislation has received unstinting, nationwide support not only from NSSTA members, but also from the American Property Casualty Insurance Association (APCI), the American Council of Life Insurance (ACLI), the American Association for Justice (AAJ) and their State affiliates, among many other allies. Beginning in 2000, the National Conference of Insurance Legislators (NCOIL) and its Workers’ Compensation Committee also provided key impetus for enactment of similar SSPAs in many States, by adopting successively improved versions of the legislation as the NCOIL Model Structured Settlement Act.
NSSTA Executive Director Eric Vaughn sums it up like this. “It is the strength and dedication of NSSTA members, its leaders and its allies for decades that make the difference with work like this for the individuals and their families with structured settlements, so their financial lives are secure and they have the peace of mind they deserve.”
About NSSTA: The National Structured Settlements Trade Association (NSSTA) is the leading voice of the structured settlement industry, representing more than 1,200 professional structured settlement consultants, life insurance industry leaders, property casualty company claims professionals and lawyers in the United States and Canada. A structured settlement is a tax-free stream of periodic payments paid to an injured party by the defendant typically through the purchase of an annuity issued by highly rated and state-regulated life insurance companies. NSSTA is celebrating more than 35 Years of Advocacy and Action in 2021.
For more information about NSSTA: https://nssta.com/
Lu Ann Reeb, Boston Media Group, +1 (617) 682.0264, [email protected]
Eric Vaughn, National Structured Settlements Association, (202) 289.4004, [email protected]
SOURCE National Structured Settlements Trade Association (NSSTA)