RI Assembly To Vote on Structured Settlements Protection Act

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.