February 12, 2016
The National Association of Settlement Purchasers supports proposed legislation in Maryland and Virginia that would supplement existing measures in order to prevent future misconduct in the secondary-settlement market. This year, legislators can enact laws that bolster consumer protections in the secondary market for structured settlements. This is an opportunity that industry leaders and NASP encourages and we applaud the Virginia House of Delegates’ unanimous passage of House Bill 52 last month. (Read the full article in The Washington Post)
January 20, 2016
On Tuesday, the Virginia House Committee on Commerce and Labor unanimously passed a bill designed to increase consumer protections in the structured settlement purchasing industry. The proposed legislation, House Bill 52, was introduced by Delegate Terry Kilgore (R-Scott) in November and could reach the House floor as early as Thursday.
Like 49 other states, Virginia currently has a structured settlement protection act (SSPA) in place that ensures all proposed settlement transfers are court approved. This court approval process mandates high standards of payee transparency, written admonishments to seek professional advice, and detailed disclosures to payees. House Bill 52 includes three amendments to Virginia's existing SSPA, which would further safeguard sellers and aid courts in reviewing structured settlement transfers.
These three provisions of the bill mandate the following requirements of all Virginia structured settlement transfers:
Transfer applications must be filed in the circuit court of the county where the payee resides.
Payees must appear in person at the hearing when the judge considers their proposed structured settlement transfer application.
Transfer applications must include disclosure of prior structured settlement transfers, as well as attempted transfers, within a designated number of years.
The National Association of Settlement Purchasers (NASP), the trade association of the structured settlement purchasing industry, has worked with Del. Kilgore to advance House Bill 52. "NASP testified in support of this bill, and welcomes the committee's action," said Patricia Laborde, President of NASP.
November 11, 2015
Left to right: Denise Rinear, Chief Compliance Officer at JGW, Wisconsin Governor Walker, and State Rep. Ott
On Wednesday November 11, Wisconsin Governor Scott Walker signed AB 129 into law. This bipartisan legislation is the product of over 18 months of work on the part of the National Association of Settlement Purchasers (NASP) and the Wisconsin State Legislature, and passed with unanimous support in both houses. It establishes standards and disclosure requirements in court evaluations of structured settlement transfers that will protect consumers in Wisconsin's secondary market.
NASP applauds the work of the Wisconsin State Legislature and others who collaborated in this effort and looks forward to promoting similar legislation and transparency in other states.
Industry Advances Legislation Across The U.S. In 2015, Fostering Increased Transparency and Standard
November 10, 2015
The structured settlements purchasing sector has seen important legislation advance this year as lawmakers in several states work, in consultations with the industry, to craft and pass bills that increase standards and inject greater transparency for consumers.
The National Association of Settlement Purchasers has grown its presence around the country, and continues to promote industry best practices. This year, NASP has expanded its footprint to include Louisiana, Maryland, New Jersey, Virginia, and Washington D.C.
On the legislative front, NASP actively sought and advocated for the enactment of the improved Illinois Structured Settlement Protection Act. It requires sellers of settlements to personally appear at the hearing on the application, and also strengthens the disclosure language around settlement transfers.
Also in 2015, the Wisconsin State Senate passed AB 129, a bill that was the product of over 18 months of work on the part of NASP and the Wisconsin legislature. This bill sets standards and disclosure requirements in the judicial review of structured settlement payment transfer rights in the state of Wisconsin. With its passage, Wisconsin will join the 48 states that have signed structured settlement transfer statutes into law, protecting consumers and bringing further transparency and disclosure into the secondary market.
NASP has been a leader in setting these standards and implementing best practices for the structured settlement purchasers industry ever since the evolution of the secondary market. Prior to and since the passage of federal legislation in 2002 that established criteria for transfers of structured settlements, NASP has worked tirelessly to adopt and standardize the National Conference of Insurance Legislators' Model Transfer Statute at the state level.
NASP has secured sponsors for legislation in Maryland, Virginia and Florida that includes disclosure requirements for beneficiaries, mandates court approval of transfers across the state, personal appearance in court by the payee, filing of applications in the county of residence of the payee and additional transaction disclosures and transparency requirements.
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.
October 23, 2015
On Tuesday, the Wisconsin State Senate passed AB 129. This bill sets standards and disclosure requirements in the judicial review of structured settlement payment transfer rights in the state of Wisconsin. The National Association of Settlement Purchasers (NASP) commends the work of the Senate and supports these, and all, legislative efforts across the U.S. that align with its commitment to increase transparency and disclosure requirements in the secondary market.
This bill is the product of over 18 months of work on the part of NASP and the Wisconsin Legislature. NASP has worked to ensure the passage of Wisconsin AB 129, and it now moves to the Governor's office for review and signature. With its passage, Wisconsin will join the many states that have signed structured settlement transfer statutes into law, protecting consumers and bringing further transparency and disclosure into the secondary market. This bill places Wisconsin's structured settlement legislation on par with leading industry standards.
NASP acknowledges the efforts of those who collaborated on this bill, including the work of Wisconsin Insurance Alliance (WIA) and the National Structured Settlements Trade Association (NSSTA), to push for this legislation and the consumer protections it includes. NASP will continue to promote similar legislative efforts to improve standardization and transparency across the industry.