March 27, 2017
The secondary market for structured settlements provides consumers in need with the opportunity to assign portions of their future payments in exchange for immediate funds. Without this option, people who receive structured settlements will be denied the flexibility to adapt to changing circumstances, achieve their financial goals, or use assets they already own.
January 10, 2017
November 19, 2016
Amendments Provide Additional Consumer Safeguards
In The Secondary Market For Structured Settlements
LAS VEGAS, NV – Today, the National Conference of Insurance Legislators (NCOIL) amended and re-adopted the NCOIL Model Structured Settlement Protection Act to enhance consumer and industry protections. NCOIL is the voice for state legislators, helping lawmakers make informed decisions on insurance issues.
This legislation is the result of more than six months of work between members of the NCOIL Workers Compensation Committee and the National Association of Settlement Purchasers (NASP), in addition to more than a decade of collaboration with NCOIL and the National Structured Settlement Trade Association (NSSTA). This is in keeping with NASP's work this year – notably in Florida and Virginia – to advance legislation improving industry standards and transparency.
"NASP applauds the work of NCOIL in adopting a model act that expands safeguards in the secondary market for structured settlements, setting high standards for legislation across the country," said NASP President Patricia LaBorde. "NASP is pleased to have played an integral part in strengthening this important act, and looks forward to using it as a foundation for our ongoing work to bolster consumer protections across the country."
NASP Increasing Transparency and Consumer Protections in Secondary Market For Structured Settlements
November 01, 2016
This year, the National Association of Settlement Purchasers (NASP) continued to build on legislative successes, working with lawmakers and organizations across the country to craft and implement bills bolstering transparency and consumer protections in the structured settlement purchasing industry.
Now in its 20th year, NASP has grown its presence around the country and vigorously promoted a series of industry best practices. This year NASP has continued work in key states of 2015 – notably Maryland and Virginia – while also expanding the Association's presence in Florida, Tennessee, Ohio, Texas, Georgia, and Missouri.
Throughout 2016, NASP advocated for and advanced legislation to improve industry standards and transparency in secondary markets of Virginia and Florida. Working with legislators in each state, NASP had a leading role in drafting and enacting legislation that increased disclosure requirements and standards for court review of structured settlement transfers. Both laws – Virginia Senate Bill 621 and Florida Senate Bill 458 – mandate in-person court attendance of payees when judges consider their proposed structured settlement transfers, set the prior structured settlement transactions payees must disclose in court, and require hearings to take place in the payee's county of residence.
In April, Governor Bill Haslam signed into law Tennessee Senate Bill 670, legislation that NASP collaborated with state legislators to create. The law improves standards by also requiring consumers' in-person appearance in court, mandating consumers' disclosure of prior structured settlement transactions, and ensuring proposed structured settlement transfers are brought before a judge in the payee's county of residence or the county in which the original settlement was approved.
Since the beginnings of the secondary market, NASP has been at the forefront of setting these leading standards and implementing industry best practices. Prior to and since the passage of federal legislation in 2002 that established standards for structured settlement transfers, NASP has worked tirelessly to adopt and standardize the National Conference of Insurance Legislators' Model Transfer Statute in states across the country.
NASP supports greater transparency in the secondary market for structured settlements, and will continue to advocate for, and support, state-level legislation that improves standardization and transparency across the industry.
Downlaod press relase here.
September 09, 2016
In response to Maryland Attorney General Brian Frosh's announcement of new state registration requirements for structured settlement purchasers, Patricia LaBorde, President of the National Association of Settlement Purchasers (NASP) released the following statement:
"The National Association of Settlement Purchasers (NASP) works every day to promote best practices, consumer protections, and the highest ethical standards in the structured settlement purchasing industry. Our organization and our members are committed to providing consumers their rightful option to a settlement transfer, which can be critically important to individuals experiencing financial stress or looking to pay for a significant expense.
"Unfortunately, the Attorney General's misrepresentation of the industry has led him to create new registration requirements that will do more harm than good. The process he has put forward is unworkable, and will cause the largest, most responsible industry participants to withdraw from the marketplace. It will reduce competition, which will increase the cost of these transactions and limit individuals' ability to access their financial benefits – hurting the very people the Attorney General claims to represent.
"NASP supported reform legislation in Maryland and, while we are extremely disappointed with this outcome, we believe it is important to continue to engage constructively with the Maryland Attorney General, the Maryland legislature, and the Maryland judiciary. NASP and its members will continue to advocate for effective registration requirements that improve protections for consumers, while also further establishing industry best practices in Maryland."
Downlad the press release here.