Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-7 - COMMISSIONER OF CORPORATIONS
Subject 590-7-29 - STRUCTURED SETTLEMENT PURCHASE COMPANIES
Rule 590-7-29-.01 - Definitions
Current through Rules and Regulations filed through September 25, 2023
(1) Annuity Issuer. As defined herein the term "annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement.
(2) Assistant Corporation Commissioner. As used herein all references to the "Assistant Corporation Commissioner" shall mean the Assistant Corporation Commissioner appointed by the Secretary of State as the Director of the Corporations Division
(3) Code. As used herein, all citations to "the Code" or "Code" refers to the Georgia Structured Settlement Protection Act (O.C.G.A. 51-12-71, et seq.), as amended.
(4) Division. As used herein all references to "Division" shall mean the Corporations Division of the Office of the Secretary of State which is the division that is delegated the authority by the Secretary of State to administer the provisions of the Code.
(5) Entity. As used herein, the term "entity" includes corporation, general partnership, limited liability company, limited partnership, limited liability partnership, and business trust.
(6) Fee Schedule. As used herein the term "fee schedule" shall mean the schedule published and maintained by the Secretary of State clearly setting forth the fees and charges for documents filed with the Division and for services provided by the Secretary of State and the Division. Fees and charges may only be changed by the posting by the Secretary of State of such changes in the public access area of the Division offices for a minimum of thirty (30) days prior to such change being effective.
(7) Individual. As used herein the term "individual" means a natural person.
(8) Person. As used herein all references to "person" includes an individual and entity as defined herein.
(9) Rule. As used herein all references to "Rule" or "the Rules" shall mean the rules as they appear in the "Official Compilation, Rules and Regulations of the State of Georgia" as compiled and printed by the Secretary of State pursuant to the Georgia Administrative Procedure Act, O.C.G.A. §§ 50-13-1 et seq.
(10) Secretary of State. As used herein all references to the "Secretary of State" shall mean the Secretary of State of the State of Georgia.
(11) Structured Settlement. As used herein the term "structured settlement" means an arrangement for periodic payment of damages for personal injuries or sickness established by settlement or judgment in resolution of a tort claim.
(12) Structured Settlement Agreement. As used herein the term "structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement.
(13) Structured Settlement Obligor. As used herein the term "structured settlement obligor" means, with respect to any structured settlement, the party that has the continuing obligation to make periodic payments to the payee under a structured settlement agreement or qualified assignment agreement.
(14) Structured Settlement Payment Rights. As used herein the term "structured settlement payment rights" means rights to receive periodic payments under a structured settlement, whether from the structured settlement obligor or the annuity issuer, where the payee is domiciled in this state or the structured settlement agreement was approved by a court in this state.
(15) Structured Settlement Purchase Company. As used herein the term "structured settlement purchase company" means a person that acts as a transferee in this state and who is registered with the Secretary of State pursuant to O.C.G.A. Section 51-12-73.
(16) Transfer. As used herein the term "transfer" means any sale, assignment, pledge, hypothecation, or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. Such term shall not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the absence of any action to redirect the structured settlement payments to such insured depository institution, or an agent or successor in interest thereof, or otherwise to enforce such blanket security interest against the structured settlement payment rights.
(17) Transferee. As used herein the term "transferee" means a party acquiring or proposing to acquire structured settlement payment rights through a transfer.
O.C.G.A. § 51-12-73.
Original Rule entitled "Definitions" adopted. F. Apr. 27, 2022; eff. May 17, 2022.