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 June 27, 2024
(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.