The superintendent of financial services shall establish rules and procedures for determining which insurers, self-insurers, plans or arrangements are financially qualified to provide the security required under this article and to be designated as qualified insurers.
§ 5049.Duties of superintendent of financial services.
Article 50-B. Periodic Payment of Judgments in Personal Injury, Injury to Property and Wrongful Death Actions · Last amended 2011 · Last verified July 21, 2026
In one sentenceCPLR 5049 directs the superintendent of financial services to write rules for qualifying insurers, self-insurers, plans, or arrangements to provide the annuity security that Article 50-B judgments require.
Full Text of CPLR 5049
Plain-English Summary
Article 50-B's whole security scheme depends on someone deciding which insurers can be trusted to fund decades of future payments. This section hands that job to the superintendent of financial services, who sets the rules and procedures for determining which insurers, self-insurers, plans, or arrangements are financially qualified — and designates the ones that pass as “qualified insurers.”
The section once referred to the superintendent of insurance; the reference changed in 2011 when New York merged its banking and insurance regulators into the Department of Financial Services.
Frequently Asked Questions
Who decides which insurance companies can issue structured judgment annuities in New York?
The superintendent of financial services, who sets the rules and procedures for determining which insurers, self-insurers, plans, or arrangements qualify.
What does “qualified insurer” mean under Article 50-B?
An insurer, self-insurer, plan, or arrangement the superintendent of financial services has found financially able to provide the security Article 50-B requires.
Did this section used to refer to the insurance department instead of DFS?
Yes. It was amended in 2011 to reflect New York's merger of its banking and insurance regulators into the Department of Financial Services.
Does CPLR 5049 set the qualification standards itself?
No. It directs the superintendent to establish those rules and procedures rather than spelling them out in the statute.
Why does this regulatory role matter to a judgment creditor?
Because the annuity required by CPLR 5042 is only as reliable as the insurer behind it, and this section is what ensures that insurer meets a financial qualification standard.
Amendment History
Add, L 1986, ch 682, § 9, eff July 30, 1986; amd, L 2011, ch 62, § 104 (Part A), eff Oct 3, 2011.
Source & verification. Provision text, History, and Advisory
Committee Notes are reproduced verbatim from the Consolidated Laws of New York.
Last verified July 21, 2026.
· Official source
Also known as: qualified insurer periodic payments New Yorksuperintendent of financial services structured judgmentDFS annuity approval rules50-B insurer qualificationduties of superintendent CPLR