Georgia § 51-12-70 - Definitions.

§ 51-12-70. Definitions.

As used in this article, the term: "Attorney General" means the Attorney General or his or her designee. "Annuity issuer" means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement. "Applicable law" means: The federal laws of the United States; The laws of this state, including principles of equity applied in the courts of this state; and The laws of any other jurisdiction: Which is the domicile of the payee or any other interested party; Under whose laws a structured settlement agreement was approved by a court or responsible administrative authority; or In whose courts a settled claim was pending when the parties entered into a structured settlement agreement. "Discounted present value" means the fair present value of future payments, as determined by discounting such payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States Internal Revenue Service. "Interested parties" means, with respect to any structured settlement agreement, the payee, any beneficiary designated under the annuity contract to receive payments following the payee's death, the annuity issuer, the structured settlement obligor, and any other party that has continuing rights or obligations under such structured settlement. "Payee" means an individual who is receiving tax-free damage payments under a structured settlement and proposes to make a transfer of payment rights thereunder. "Qualified assignment agreement" means an agreement providing for a qualified assignment within the meaning of Section 130 of the United States Internal Revenue Code, United States Code Title 26. "Settled claim" means the original tort claim or workers' compensation claim resolved by a structured settlement. "Structured settlement" means an arrangement for periodic payment of damages for personal injuries established by settlement or judgment in resolution of a tort claim or for periodic payments in settlement of a workers' compensation claim. "Structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement, including the rights of the payee to receive periodic payments. "Structured settlement obligor" means, with respect to any structured settlement, the party that has the continuing periodic payment obligation to the payee under a structured settlement agreement or a qualified assignment agreement. "Structured settlement payment rights" means rights to receive periodic payments (including lump sum payments) under a structured settlement, whether from the settlement obligor or the annuity issuer, where: The payee or any other interested party is domiciled in this state; The structured settlement agreement was approved by a court or responsible administrative authority in this state; or The settled claim was pending before the courts of this state when the parties entered into the structured settlement agreement. "Terms of the structured settlement" includes, with respect to any structured settlement, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement, and any order or approval of any court or responsible administrative authority or other government authority authorizing or approving such structured settlement. "Transfer" means any sale, assignment, pledge, hypothecation, or other form of alienation or encumbrance made by a payee for consideration, but does not include: Any transaction which is expressly provided for in the structured settlement agreement and is executed within 30 days after execution of the structured settlement agreement; or Any testamentary disposition by the payee. "Transfer agreement" means the agreement providing for the transfer of structured settlement payment rights from a payee to a transferee. (Code 1981, § 51-12-70 , enacted by Ga. L. 1999, p. 853, § 1; Ga. L. 2015, p. 1088, § 46/SB 148.) The 2015 amendment, effective July 1, 2015, substituted the present provisions of paragraph (1) for the former provisions, which read: " 'Administrator' means the administrator of the 'Fair Business Practices Act of 1975' appointed pursuant to subsection (a) of Code Section 10-1-395 or his or her designee." Code Commission notes. - Pursuant to Code Section 28-9-5, in 1999, clauses (A) and (B) of paragraph (14) were set out as subparagraphs and capitalization was revised in both subparagraphs.