The Kentucky Structured Settlement Protection Statute House Bill No. 2614 454.430 Definitions for KRS 454.430 to 454.435. As used in KRS 454.430 to 454.435: (1) “Annuity issuer” means an insurer that has issued an annuity contract to be used to fund periodic payments under a structured settlement; (2) “Payee” means an individual who is receiving tax-free damage payments under a structured settlement and who wants to make a transfer of payment rights under the structured settlement agreement; (3) “Protected parties” means, with respect to any structured settlement, the payee, any named beneficiary designated in the annuity contract or structured settlement […]