Settlement of Injury Claim of Minors
LOCAL RULE 68.1. Structured Settlements
In the event that parties involved in claims for injuries to minors or incompetents desire to enter into a structured settlement, defined as a settlement wherein payments are made on a periodic basis, the following rules shall apply:
(A) The application shall include a signed statement from one of the following independent professionals, specifying the present value of the settlement, and the method of calculation of that value: an actuary, certified public accountant, certified financial planner, chartered life underwriter, chartered financial consultant, or an equivalent professional.
(B) If the settlement is to be funded by an annuity, the application shall include a signed statement by the annuity carrier or the broker procuring the policy stating:
(1) The annuity carrier is licensed to write annuities in Ohio.
(2) The annuity carrier’s ratings from at least two of the following organizations, which meet the following criteria:
a. A.M. Best Company: A++, A+, or A;
b. Fitch Ratings: AAA, AA+, or AA;
c. Moody’s Investors Service: Aaa, Aa1, or Aa2;
d. Standard & Poor’s Corporation: AAA, AA+, or AA;
e. Weiss Research Inc: A+ or A.
(C) In addition to the requirements of Paragraph (B) above, an annuity carrier must meet any other requirement the Court considers reasonably necessary to assure that funding to satisfy periodic payment settlements will be provided and maintained to effectuate the settlement..
LOCAL RULE 68.2. Release of Funds
Upon the minor attaining the age of 18 years, funds may be released to the former minor by the institution holding the funds unless exigent circumstances brought to the Court’s attention require otherwise. The former minor shall present satisfactory proof of identity and date of birth to the Court which shall issue and deliver to the former minor a Court form authorizing the institution to release the funds to the minor.