The National Association of Settlement Purchasers (NASP) was directly involved in getting the secondary market for structured settlement recognized and regulated. They lobbied hard in Congress to reach a sort of political compromise with the National Structured Settlement Trade Association (NSSTA) who represented the primary market of structured settlements, the traditional structured settlement industry. Thus was born the enactment of IRC Section 5891, the Federal Code that validates the secondary market.
The political compromise also includes an agreement to support a Model State Structured Settlement Protection Act. In other words, it’s a template for states to follow when they want to create written law on how to protect the seller of a structured settlement. So far 47 states have adopted the template and have put it into law.
So now, NASP Members do not get involved with the sale of structured settlement rights unless it is by the letter of the law; completely legal and ethical.
National Association of Settlement Purchasers
The National Association of Settlement Purchasers is dedicated to ensuring the secondary market for structured settlement transfers remains fair, competitive, and transparent. We strive to improve awareness and understanding of how this vital market works.
NASP is the only trade association related to the secondary market for structured settlements. Since 1996, NASP and its members have worked diligently to educate the public, regulators, and others about the benefits of settlement transfers, how they work and how they are regulated. In 2001, we spearheaded the creation of the Model Structured Settlement Protection Act, now adopted by 47 states.
Legislators, regulators, courts, judges, court administrators, insurance companies, primary market brokers, plaintiff’s lawyers, and others look to NASP and its members for credible and reliable insights into the secondary market for structured settlements.
NASP is proud of the service and support we provide to our members and, more importantly, to people who want the flexibility, liquidity, and security of a viable secondary market.
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