NC Legislature Amends Guaranty Bill to Protect Workers' Compensation Settlements

Last year, the State expanded the coverage of the North Carolina Guaranty Association to include structured settlement annuitities for North Carolina residents. This is especially important for people who receive annuities as part of a workers' compensation or personal injury settlement. Coverage here. One part of the new law's language was less than clear, which required an amendment. The amendment makes clear that annuity protection runs to the benefit of the actual beneficiary, the "payee" of the policy. The text can be found here. The amendment was enacted during the legislature's short session this summer and signed by the governor. Hank Patterson and Narendra Ghosh assisted with the legislative effort.