143   Court may make consent order for structured settlement

(1)  This section applies where the parties to a claim agree to settle the claim by making a structured settlement and apply to a court for an order approving of or in the terms of the structured settlement.

(2)  The court may make the order even though the payment of damages is not in the form of a lump sum award of damages.

(3)  A structured settlement is an agreement that provides for the payment of all or part of an award of damages in the form of periodic payments funded by an annuity or other agreed means.