A bill designed to protect Rhode Island residents, who have agreed to structured settlements, from being taken advantage of is set for a vote in the State Assembly today.
The measure had been held up in committee since its passage by the Senate last April.
The American Insurance Association’s local counsel William Farrell has been working for its adoption, and recently concluded successful negotiations with representatives of the Trial Bar and interested legislators.
The Act would prevent persons who have agreed to long term payments or settlements from entering into agreements to sell their interest without prior court approval. The AIA has been critical of the practice, as it frequently undermines the carefully considered nature of settlements which have been structured on an individual basis, and may result in hardship for the claimants.
Was this article valuable?
Here are more articles you may enjoy.
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
Mississippi Insurance Dept. Top Examiner Named in $90M Credit Union Theft Suit 
