New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 27 - MEDICAL MALPRACTICE LIABILITY INSURANCE
Subchapter 10 - STRUCTURED SETTLEMENTS AND FURNISHING OF BONDS
Section 11:27-10.3 - Structured settlement bond/security requirements
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Pursuant to 17:30D-27, the judgment debtor or the judgment debtor's insurer shall post a bond or security or, with the written consent of the judgment creditor, assign, as set forth in (b) below, its periodic payment obligations to an insurer authorized to write insurance business in New Jersey, in order to assure full payment of non-economic damages awarded in excess of $ 1 million, or as otherwise agreed to by the parties in a medical malpractice matter. The bond or other security requirements are specified below:
(b) A judgment debtor or a judgment debtor's insurer may, with the written consent of the judgment creditor, enter into an assignment agreement with an insurer that meets the requirements set forth in (a) above with respect to an insurance company that issues a bond to secure the performance of a structured settlement agreement.