New York CPLR 50A / 50B | Pacific Life Offers Structured Judgment Annuity Option
John Darer • December 20, 2017
" From California to the New York Island"
New York has a new structured annuity option to fund New York structured judgments. Pacific Life announced that it will begin writing structured annuities for New York CPLR 50A and 50B structured judgments in 2018, through its New York underwriting company, Pacific Life and Annuity Company. Pacific Life is rated rated A+(Superior) by A.M. Best.
What are New York CPLR Articles 50-A and 50-B?
CPLR Articles 50-A and 50-B, are New York statutes that mandate future damages in excess of certain thresholds be paid in periodic payments. The statutes were established in 1985 and 1986 respectively and proscribe a method for calculating and paying damages in medical malpractice, dental and podiatric malpractice judgments (50-A) and other types of tort liability cases (50-B) .
Pacific Life and Annuity is very strong on period certain cash flows, especially short and intermediate term cash flows which is a good fit for certain elements of damages such as pain & suffering and lost wages. Pacific Life also underwrites medicals competitively. Pacific Life will be no slouch on life contingent cash flows like future medicals.CPLR Articles 50-A and 50-B cases are not for novices. It's not as simple as buying an annuity. There are many nuances and it's important to work with a settlement expert with knowledge of the statutes, relevant decisions and experience.
CPLR 50A and 50 B Calculations and Utility to Parties in Mediation
Working with a competent settlement expert who can run net cost projections using varying elements of damages, who can "talk the talk" and "walk the walk", may be very helpful to parties at mediation to take numbers out of the abstract into reality and enable parties to explore the "what ifs?" in real time.
Other articles by John Darer on CPLR 50A and 50B related topics.
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John Darer reviews the primary structured settlement market, secindary market and tertiary structured settlement markets
A structured settlement annuity does not drive the tax consequences of structured settlement annuity payments. It is the type of damages the structured settlement annuity payments represent, as reflected in the relevant settlement documentation executed by the settling parties
Structured settlement beneficiary death claim. An executor cannot change the beneficiary of a structured settlement annuity. StructuredTypically, settlement agreements permit the Payee to name or change a beneficiary, provided such change is in writing and submitted to the Assigmment Company or annuity issuer in writing and in proper form.
Which life insurance companies write structured settlement annuities for personal injury and wrrongful death settlements in Bronx, Brooklyn, Staten Island, Queens, Manhattan, Long Island, Westchester, Erie, Rockland, Albany,Monroe in 2025 through licensed representatives?
Why Structured Settlements? Because Certain Sells® Structured settlements offer predictable income streams, which can be appealing to rein in uncertainty. John Darer reviews some other reasons that structured settlements are increasingly being used to settle cases:
Structured settlements have roots that trace back more than 100 years, from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as the core personal injury settlement planning tool it is today.
