Blog Post

New Hampshire Structured Settlement Protection Act SB532

John Darer • Jan 12, 2020

A Positive Development for Structured Settlement Consumers

NH Sructured Settlement Protection Act
Once SB 532 is enacted, establishing  Section 408-G, New Hampshire will be the 50th and final state, in addition to the District of Columbia, to establish a Structured Settlement Protection Act (SSPA).  The New Hampshire SSPA is similar to the New York SSPA in that there are disclosure requirements when a structured settlement is established in addition to sale or transfer of structured settlement payment rights.

408-G-2  IV

 In negotiating a structured settlement of claims brought by or on behalf of a claimant who is domiciled in this state, the structured settlement obligor shall disclose in writing to the claimant or the claimant’s legal representative all of the following information that is not otherwise specified in the structured settlement agreement:
 
(a) The amounts and due dates of the periodic payments to be made under the structured settlement agreement; in the case of payments that will be subject to periodic percentage increases, the amounts of future payments may be disclosed by identifying the base payment amount, the amount and timing of scheduled increases, and the manner in which increases will be compounded;
 
(b) The amount of the premium payable to the annuity issuer;
 
(c) The discounted present value of all periodic payments that are not life-contingent, together with the discount rate used in determining the discounted present value;
 
(d) The nature and amount of any cost that may be deducted from any of the periodic payments;
 
(e) Where applicable, that any transfer of the periodic payments is prohibited by the terms of the structured settlement and may otherwise be prohibited or restricted under applicable law; and

(f) That any transfer of the periodic payments by the claimant may subject the claimant to serious adverse tax consequences.

One thing that is a bit odd about the Bill is that the Bill text says "Title : relative to the purchase or transfer of structured settlement annuity contracts."  This is  a misnomer since  structured settlement transfers involve the purchase of  structured settlement payment rights, not structured settlement annuity contracts. In other parts of the New Hampshire SB 532, structured settlement payment rights are reflected.
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