In judgments on civil actions for fault or negligence due to medical-hospital professional malpractice in which a compensation that exceeds one hundred thousand dollars ($100,000) is adjudicated, the court, after due petition of the party which justifies its necessity and convenience, or by stipulation, shall order or authorize installment payments of the amounts of the adjudicated compensation or stipulated between the parties in excess of said one hundred thousand dollars ($100,000) by means of a resolution to such effects.
For the purposes of this authorization or order, the court shall consider the financial means and current and future solvency of the parties, the rise in the cost of living, the resources that the party who was favored in the judgment requires for sustenance, and other needs, and anything else required to ensure the payment of the adjudicated compensation within the established terms and conditions. In its resolution, the court shall provide the dates, terms, and conditions of said installment payments, including interest to be paid, payment of the costs of the suit, the convenience of requiring the posting of a surety bond, and any other aspects thereof that are deemed reasonable and necessary.
If the amount of the judgment exceeds the total of the risk covered by a medical-hospital malpractice policy, the court may authorize the payment in installments of such part of the judgment that pertains to the insured’s health care professional or institution.
In no case may the payments for the fixed compensation exceed the term of eight (8) years.
When any installment of the adjudicated compensation is defaulted, the creditor may request the court to disallow the authorization to pay the compensation by installments, and the court shall issue an order requiring the debtor to pay the total unpaid balance in one payment.
If a complainant to whom compensation has been adjudicated dies, his heirs shall be entitled to receive the total of the balance of the adjudicated compensation still unpaid, unless some other thing is agreed to between said heirs and the defendant who is charged with paying the unpaid amount of the judgment.
History —Ins. Code, added as § 41.100 on Dec. 30, 1986, No. 6, p. 927, § 4; Aug. 5, 2003, No. 180, § 1.