California Insurance Code

§ 10139.5

INS § 10139.5 Effective Jan 1, 2025Div. 2 · Part 2 · Ch. 1 · Art. 2.3

Statute text

(a)A direct or indirect transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express written findings by the court that:

(1)The transfer is in the best interest of the payee, taking into account the welfare and support of the payee’s dependents.

(2)The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received that advice or knowingly waived, in writing, the opportunity to receive the advice.

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Legislative history

Amended by Stats. 2024, Ch. 80, Sec. 96. (SB 1525) Effective January 1, 2025.