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Federal Legislation Relating to Settlements

Here is the latest Federal Legislation relating to structured settlements, Medicare Secondary Payer and Worker's Compensation settlements:

Federal Legislation and Regulation:
S. 3079, the “Medicare Secondary Payer and Worker’s Compensation Settlement Agreements Act of 2018,” is legislation introduced in the Senate by Senator Rob Portman, R-Ohio and Senator Bill Nelson, D-Florida that would negatively impact the use of structured settlements to settle Worker’s Compensation cases with CMS utilizing a Medicare Set-aside Account. The NSSTA Legs & Regs Committee is working on drafting detailed talking points for industry use on Capitol Hill to persuade Senators Portman and Nelson to drop this legislative initiative. The NSSTA Legs & Regs Committee plans to produce a report for members on S. 3079 and include the report in an upcoming edition of NSSTA News.

Federal Tax Reform Legislation—Part II: While there is considerable interest among major key Republican Members on the House Ways & Means Committee for a targeted Phase II Tax Reform bill to make the personal income tax changes passed in the 2017 Tax Reform bill permanent, there are a very limited number of legislative days remaining in the 2018 Session of Congress and action on a major tax bill is unlikely this year. There is a good chance the next Congress will revisit the 2017 Tax Reform bill and will make a number of technical corrections to that legislation. NSSTA will keep a very close watch on any tax legislation in Congress. CLICK HERE To view a copy of the House Ways and Means Committee “Tax Reform 2.0 Framework.”

CMS Liability MSA Developments: NSSTA is a member of the Liability MSA Stakeholders Working Group that has been organized to schedule meetings with CMS officials to highlight issues with proposed draft language regarding liability MSAs. Many members of the Liability MSA Stakeholders Working Group are also working to develop compromise solutions to major issues. The NSSTA Innovation Committee is working on the production of a “white paper” focused on how structured settlements could be effectively used to address the specific challenges confronting the P&C industry as it works to implement the new CMS Liability MSA Working rules.

SOURCE: National Structured Settlement Trade Association (NSSTA) August 2018 News 

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