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Article: Va. Legislature OKs Structured Settlement Bill.
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- March 8, 1999
- Author:
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A structured settlement bill has passed the Virginia House and Senate and is now before Governor Jim Gilmore for signing.
Structured settlements are arrangements for periodic payment of settlements in physical injury lawsuits, wherein payees are not taxed on interest and earnings. Structured settlement providers, who tend to invest the assets in immediate annuities, also enjoy benefits in that the profit they earn on such monies is tax-exempt.
Structured settlements were created in 1982 by the U.S. Congress to protect people who were severely injured from running out of settlement money.
The Virginia bill spells out the rights that structured ...