60A.975 DEFINITIONS.
104 words·~1 min read·
/mn/chapter-60/60a-975A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
60A.975 DEFINITIONS.
§
Subdivision 1. Application.
For purposes of sections 60A.975 and 60A.976 , the definitions in this section have the meanings given them.
§
Subd. 2. Annuity issuer.
"Annuity issuer" means an insurer that issues an insurance contract used to fund periodic payments under a structured settlement agreement.
§
Subd. 3. Structured settlement.
"Structured settlement" means an arrangement for periodic payment of damages entered on behalf of a minor or incompetent person for personal injuries established by settlement or judgment.
§
Subd. 4. Structured settlement agreement.
"Structured settlement agreement" means the agreement, judgment, stipulation, or release embodying the terms of a structured settlement.