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  1. #1
    Join Date
    Sep 2007
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    196

    Default Time Limit on Insurance Company Sending Settlement Check

    bvia,my case and settlement was signed by judge on 1/23/2012.as you know bvia, the settlemnt amount ,after 20 some years,will be a large sum.bvia,what is california law statute as the time limit the IC has to pay the IW when oreded by a wc judge.and if check is not recieved in that time limit,what are options for the IW to proceed with
    thanks for any advice

  2. #2
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Time Limit on Ic Sending Settlement Check

    Once judge reviews/approves a cash settlement, the check is due within 30 days... with interest from the date judge signs.
    Don't know what the current % interest is...was 7%.
    If paid after 30 days, supposed to be a 10% self imposed penalty for unreasonable delay. You'd probably have to file a petition for penalties on that.
    Today is the 11th of February... you still have time to wait here...and I'd have to check, but I would presume it's 'working days' vs 'calendar days'... plus 5 for mailing.

  3. #3
    Join Date
    Sep 2007
    Posts
    196

    Default Re: Time Limit on Ic Sending Settlement Check

    bvia,with the history of this IC ,it would not surprise me if they are late. bvia the defense attorney told me the IC has a maximum of 30 days to pay.i assumed it was calender days the way she talked,i will try and find out what the staute is.thanks bvia.been waiting 20 years for this,as i have told you in pm.

  4. #4
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Time Limit on Ic Sending Settlement Check

    the defense attorney told me the IC has a maximum of 30 days to pay.i assumed it was calender days the way she talked
    Don't assume anything... if you do... assume working days... so you won't be disappointed. If it's earlier, you'll be elated.

  5. #5
    Join Date
    Sep 2007
    Posts
    196

    Default Re: Time Limit on Ic Sending Settlement Check

    bvia,
    honestly,for 20 years,i have been fighting the ic,and they have only paid for medical or anything due me, with a lot of kicking and screaming,so it would not surprise me if they were late.and i want to be proactive about have everything ready for these folks.but a signed and dated judges order is like gold to me.
    i am going to call the I&A contact this week

  6. #6
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Time Limit on Ic Sending Settlement Check

    a signed and dated judges order is like gold to me.
    i am going to call the I&A contact this week
    The I&A is going to tell you nothing can be done until the allowed time lapes.. you have at the very least the 30 days..February 23rd... that's the 30 days.... won't do any good to bug the I&A officer until after that date.

  7. #7
    Join Date
    Sep 2007
    Posts
    196

    Default Re: Time Limit on Ic Sending Settlement Check

    bvia,i want to find out from the i&a official what the cal. statute is for the total of days from signing.i want to know is it
    30 total days including wekends?
    30 working days at 5 days a week would be 6 weeks?
    is there a 5 day mailing period that is inclusive or exclusive of the 30 day period? if it is working days,plus 5 mailing days,we are talking just about 7 weeks from signing.
    also,where do i go to find the correct interest rate,as that is a substantial amount of money considering the setlement figures.bvia,you have always said ,do your homework and be proactive about your wc claim.you know from my pm's what i have to do the past 20 years.and i want every red penny i am owed.so i going to be proacive,and get ready in case the IC does not follow the judges instructions. the WC judge wrote in his signing,in the notes section of the judgment papers,that one thing he was adamant on was that the ic pay all liens,and my funds within 30 days.so it is a matter of record that the judge will not let the IC fudge one day on this case i will let you know what i find out.
    Last edited by twomoons; 02-12-2012 at 03:50 PM.

  8. #8
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Time Limit on Ic Sending Settlement Check

    Even if you are waiting on a check for 200K, and the interest is 7%/annum, you are looking at about $38/day in interest.
    If the judge ordered the payment made within 30 days... there won't be interest due until the 31 day.
    IMHO... and yes, because of what you have been through for the last 20 years... be happy the judge has approved the agreement, the check will arrive, you're spinning -your wheels on the fretting.

    And, as I recall... your PPD indemnity has been paid out.. this cash is to fund a WCMSA/setaside arrangement...(?).
    I wouldn't be using that cash to pay off your mortgage.

  9. #9
    Join Date
    Sep 2007
    Posts
    196

    Default Re: Time Limit on Ic Sending Settlement Check

    bvia,
    the issues in my case really changed once my AA was fired,and i started communicating with the defense attorney.the numbrs are closer to about 4 times the numbrs you had in your post.
    bvia,your second post said from the day the judge signs the documents.
    bvia,,what is the penalty for being past due the required time period??10%
    thanks for advice

  10. #10
    Join Date
    Feb 2007
    Location
    Calif
    Posts
    18,011

    Default Re: Time Limit on Ic Sending Settlement Check

    There would usually be a clause in a C&R that a check would be due within 30 days...from the date the judge signed off on the documents/order.. no interest would be due until after the 30 days...interest wouldn't accrue during that time... a self imposed penalty wouldn't be due until that time either... you should expect them to issue the check without penalty.

    You should also be counting as 'working days', that doesn't include weekends or holidays... don't expect a check for more than the agreement you signed.

    I realize you are anxious, but they have their allotted time to issue the check, you're just going to have to wait... be happy it's going to be over with.

    Those numbers I used are merely as an example.

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