Changes

** By a person who has assumed the liability for such periodic payments under a Qualified Assignment in accordance with Internal Revenue Code Section 130.

** By a person who has assumed the liability for such periodic payments under a Qualified Assignment in accordance with Internal Revenue Code Section 130.

===Complicated Legal Structure===

==Complicated Legal Structure==

The typical structured settlement arises and is structured as follows:  An injured party (the claimant) settles a tort suit with the defendant (or its insurance carrier) pursuant to a settlement agreement that provides that, in exchange for the claimant's securing the dismissal of the lawsuit, the defendant (or, more commonly, its insurer) agrees to make a series of periodic payments over time.  The insurer, a property/casualty insurance company, thus finds itself with a long-term payment obligation to the claimant.  To fund this obligation, the property/casualty insurer generally takes one of two typical approaches:  It either purchases an annuity from a life insurance company (an arrangement called a "buy and hold" case) or it assigns (or, more properly, delegates) its periodic payment obligation to a third party which in turn purchases an annuity (which arrangement is called an "assigned case").

The typical structured settlement arises and is structured as follows:  An injured party (the claimant) settles a tort suit with the defendant (or its insurance carrier) pursuant to a settlement agreement that provides that, in exchange for the claimant's securing the dismissal of the lawsuit, the defendant (or, more commonly, its insurer) agrees to make a series of periodic payments over time.  The insurer, a property/casualty insurance company, thus finds itself with a long-term payment obligation to the claimant.  To fund this obligation, the property/casualty insurer generally takes one of two typical approaches:  It either purchases an annuity from a life insurance company (an arrangement called a "buy and hold" case) or it assigns (or, more properly, delegates) its periodic payment obligation to a third party which in turn purchases an annuity (which arrangement is called an "assigned case").