§ 11:27-10.2 - Definitions

§ 11:27-10.2 Definitions

The following words and terms, when used in this subchapter, shall have the following meanings, unless the context clearly indicates otherwise.

"Annuity" means an annuity issued by an insurer licensed or authorized to do business in this State, which is a qualified assignment under section 130 of the Federal Internal Revenue Code of 1986, 26 U.S.C. § 130.

"Commissioner" means the Commissioner of the Department of Banking and Insurance of the State of New Jersey, or his or her designee as may be permitted by law.

"Department" means the Department of Banking and Insurance of the State of New Jersey.

"Insurer" means any person or persons, corporation, partnership or company authorized by the laws of this State to transact the business of insurance in this State; except that it shall not include agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia or a state or political subdivision of a state.

"Judgment creditor" means a claimant who is the recipient of an award for economic or non-economic damages, or both, that is the result of an action filed against a health care provider for medical malpractice, which award is subject to the provisions of N.J.S.A. 17:30D-27.

"Judgment debtor" means a health care provider who, as a defendant in an action brought for medical malpractice, is required to pay the claimant an award that is subject to the provisions of N.J.S.A. 17:20D-27.

"Non-economic damages" means damages for physical and emotional pain, suffering, inconvenience, physical impairment, mental anguish, disfigurement, loss of enjoyment of life, loss of society and companionship, loss of consortium, hedonic damages, injury to reputation, and all other nonpecuniary losses of any kind or nature.

"Structured payment agreement" means an agreement made to settle a claim or lawsuit or respond to a judgment in an action brought for medical malpractice by an injured person whereby a series of periodic payments, rather than a lump sum payment, is made over time to a claimant, in accordance with the needs of the claimant or the claimant's family, either through the purchase of an annuity or the establishment of a trust fund, or by another means approved by the court.