The Structured Settlement Agreement is a specialized legal document used in Canadian jurisdictions when parties agree to resolve a claim (typically personal injury, medical malpractice, or similar matters) through periodic payments rather than a single lump sum. This agreement type is particularly relevant when the settlement amount is substantial and there's a need to ensure long-term financial security for the recipient. The document incorporates specific provisions required by Canadian tax law to maintain the tax-free status of periodic payments under Section 5.1 of the Income Tax Act, while also complying with provincial insurance and contract laws. The agreement details the payment structure, funding mechanisms (usually through life insurance annuities), security arrangements, and tax treatment. It's designed to provide financial security while protecting both parties' interests and ensuring compliance with all relevant Canadian legislation.
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1. Parties: Identifies all parties to the agreement, including the claimant, defendant, insurers, and any structured settlement brokers or life insurance companies involved
2. Background: Outlines the circumstances leading to the settlement, including reference to the underlying claim or dispute
3. Definitions: Defines key terms used throughout the agreement, including technical terms related to annuities and payment structures
4. Settlement Amount and Structure: Details the total settlement amount and how it will be structured, including initial lump sum payments and periodic payments
5. Payment Terms: Specifies the frequency, amount, and duration of payments, including any cost of living adjustments
6. Tax Treatment: Confirms the tax-free nature of the periodic payments and any tax implications for other settlement components
7. Security and Funding: Details how the settlement will be funded, typically through annuities, and any security arrangements
8. Assignment and Commutation: Prohibitions or restrictions on assignment of payment rights and any commutation provisions
9. Release of Claims: Complete release of all claims related to the underlying dispute
10. Representations and Warranties: Statements by all parties regarding their authority, understanding, and capacity to enter the agreement
11. Governing Law and Jurisdiction: Specifies that Canadian law governs and identifies the relevant jurisdiction
12. Execution and Effect: Details about how and when the agreement becomes effective
1. Court Approval: Required when the settlement involves minors, persons under disability, or where court approval is otherwise necessary
2. Beneficiary Designation: Used when there's a need to specify beneficiaries for payments in case of the claimant's death
3. Medical Care and Support: Included when the settlement covers ongoing medical care or support services
4. Legal Fees and Disbursements: Details regarding payment of legal fees and other costs, if these are part of the settlement structure
5. Confidentiality: When parties agree to keep settlement terms confidential
6. Dispute Resolution: Alternative dispute resolution procedures for future disagreements
7. Third-Party Rights: When there are third parties who may have rights or obligations under the agreement
8. Insurance Company Obligations: Detailed obligations of insurance companies when multiple insurers are involved
1. Schedule A - Payment Structure: Detailed breakdown of all payments, including dates, amounts, and any adjustments
2. Schedule B - Annuity Contract Details: Specifications of the annuity contracts purchased to fund the settlement
3. Schedule C - Tax Opinion: Legal opinion confirming the tax treatment of the settlement payments
4. Schedule D - Medical Assessment: Medical reports or assessments supporting the settlement structure, if applicable
5. Schedule E - Cost of Living Adjustment Calculations: Formula and details for any cost of living adjustments to payments
6. Appendix 1 - Consent Orders: Any required court orders or approvals
7. Appendix 2 - Release Documents: Detailed release forms and related documentation
8. Appendix 3 - Professional Certificates: Certificates from structured settlement professionals or actuaries confirming calculations
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Legal Services
Financial Services
Healthcare
Personal Injury
Risk Management
Professional Services
Public Sector
Relevant Teams
Legal
Claims
Risk Management
Compliance
Finance
Insurance Operations
Settlement Administration
Corporate Affairs
Actuarial
Relevant Roles
Legal Counsel
Insurance Claims Manager
Structured Settlement Specialist
Risk Manager
Financial Advisor
Actuary
Claims Adjuster
Compliance Officer
Settlement Administrator
Trust Officer
Insurance Underwriter
Mediator
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