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.4structures.com, LLC
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