Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A structured settlement is a settlement of a claim that satisfies the following conditions:
(i) is for compensation or damages for, or in respect of, personal injury suffered by a person (the injured person ); and
(ii) is made by the injured person or by his or her * legal personal representative;
(b) the claim is based on the commission of a wrong, or on a right created by statute;
(c) the claim is made against a person (the defendant ) and satisfies the following conditions:
(i) the claim is not made against the defendant in his or her capacity as an employer, or * associate of an employer, of the injured person;
(ii) the claim is not made under a * workers' compensation law, and is not made as an alternative to a claim under such a law;
(d) the settlement takes the form of a written agreement between the parties to the claim (whether or not that agreement is approved by an order of a court, or is embodied in a consent order made by a court);
(e) under the terms of the settlement, some or all of the compensation or damages is to be used by the defendant (or by a person with whom the defendant has insurance against the liability to which the claim relates) to purchase from one or more * life insurance companies or * State insurers:
(i) an * annuity or annuities to be paid to the injured person, or to a trustee for the benefit of the injured person; or
(ii) such an annuity or annuities, together with one or more lump sums that are also to be paid to the injured person, or to a trustee for the benefit of the injured person.
(1A) A structured order is an order of a court that satisfies the following conditions:
(a) the order is made in respect of a claim that:
(i) is for compensation or damages for, or in respect of, personal injury suffered by a person (the injured person ); and
(ii) is made by the injured person or by his or her * legal personal representative;
(b) the order is not an order approving or endorsing an agreement as mentioned in paragraph (1)(d);
(c) the claim is based on the commission of a wrong, or on a right created by statute;
(d) the claim is made against a person (the defendant ) and satisfies the following conditions:
(i) the claim is not made against the defendant in his or her capacity as an * employer, or * associate of an employer, of the injured person;
(ii) the claim is not made under a * workers' compensation law, and is not made as an alternative to a claim under such a law;
(e) under the terms of the order, some or all of the compensation or damages is to be used by the defendant (or by a person with whom the defendant has insurance against the liability to which the claim relates) to purchase from one or more * life insurance companies or * State insurers:
(i) an * annuity or annuities to be paid to the injured person, or to a trustee for the benefit of the injured person; or
(ii) such an annuity or annuities, together with one or more lump sums that are also to be paid to the injured person, or to a trustee for the benefit of the injured person.
(a) for compensation or damages for personal injury suffered by a person; and
(b) for some other remedy (for example, compensation or damages for loss of, or damage to, property);
this section applies to the claim, but only to the extent that it relates to the compensation or damages referred to in paragraph (a), and only to annuities or lump sums that, in the settlement agreement, or in the order, are identified as being solely in payment of that compensation or those damages.
54 - 15 Personal injury annuity exemption for injured person
54 - 20 Lump sum compensation etc. would not have been assessable
54 - 25 Requirements of the annuity instrument
54 - 30 Requirements for payments of the annuity
54 - 35 Payments during the guarantee period on the death of the injured person
54 - 40 Requirement for minimum monthly level of support