Maryland Enacts Structured Settlement Protections
Friday, May 12th, 2000 LitigationMaryland Gov. Parris Glendening signed into law May 11 legislation designed to protect consumers during the sale of a structured settlement. "The Alliance of American Insurers strongly supported HB 357, and congratulates the Legislature and Gov. Glendening for their concern for the recipients of structured settlements," said Neil Malady, Alliance Mid-Atlantic regional manager. "This bill goes a long way toward protecting such recipients and ensuring that the benefits they are entitled to receive will be there for them as long as they need them." Under a structured settlement, an injured person receives funds disbursed over time, usually in the form of an annuity, rather than in one large lump-sum payment. Compensation is made with the aim of ensuring long-term financial security. However, this security is undermined by the unregulated sale of these settlements, the Alliance believes.
