Rapid Settlements v. Symetra Life Ins. Co.
Rapid Settlements, Ltd. (Rapid) petitioned the trial court to approve a transfer to Rapid of $40,000 or one-third of a $120,000 payment due to Randy L. Griffin (Griffin) on October 3, 2011, pursuant to a structured settlement agreement. Insurance Code sections 10134 through 10139.5 (collectively the Act) govern transfers of payments due to payees, such as Griffin, under structured settlement agreements. The Act imposes certain terms and conditions upon such transfers and requires court approval before a transfer may be deemed valid and enforceable. ( 10136 to 10138.)
Interested parties Symetra Assigned Benefits Service Company (SABSCO) and Symetra Life Insurance Company (Symetra Life) (collectively Symetra) objected to the approval of the transfer in the superior court. The transfer was approved, and Symetra appeals the order approving the transfer. Symetra contends the order approving the transfer must be reversed and the transfer declared void because (1) the $40,000 payment is not assignable under the terms of the structured settlement agreement, and, alternatively, (2) the transfer agreement between Rapid and Griffin fails to comply with the requirements of the Act. Court agree with Symetras first contention. Accordingly, Court reverse the order approving the transfer and do not reach Symetras second contention.
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