Sec. 1. 24-A MRSA c. 24-A is enacted to read:

CHAPTER 24-A

PROTECTION OF BENEFICIARIES OF STRUCTURED SETTLEMENTS

§2241.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Annuity insurer.__"Annuity insurer" means an insurer that has issued an insurance contract used to fund periodic payments under a structured settlement.

2.__Applicable law.__"Applicable law" means:

A.__Federal law;

B.__The laws of this State, including principles of equity applied in the courts of this State; and

C.__The laws of any other jurisdiction:

(1)__That is the domicile of the payee or any other interested party;

(2)__Under whose laws a structured settlement agreement was approved by a court or responsible administrative authority; or

(3)__In whose courts a settled claim was pending when the parties entered into a structured settlement agreement.

3.__Dependents.__"Dependents" means a payee's spouse and minor children and all other family members and other persons for whom the payee is legally obligated to provide support, including alimony.

4.__Discounted present value.__"Discounted present value" means the fair present value of future payments as determined by discounting such payments to the present using the applicable federal rate for determining the present value of an annuity most recently published by the United States Internal Revenue Service.

5.__Favorable tax determination.__"Favorable tax determination," with respect to a proposed transfer of structured