Bill Text: IL SB0152 | 2011-2012 | 97th General Assembly | Chaptered
Bill Title: Amends the Illinois Insurance Code. Provides that insurers shall arbitrate and settle all disputed claims made for automobile physical damage between them in accordance with the terms of and rules adopted pursuant to the Nationwide Inter-Company Arbitration Agreement unless the parties agree to use another forum. Provides that mandatory arbitration shall be limited solely to the issues of liability and damages. Provides that every insurer licensed to issue a policy of automobile insurance shall be a signatory of the Nationwide Inter-Company Arbitration Agreement or any successor thereto. Effective immediately.
Spectrum: Bipartisan Bill
Status: (Passed) 2011-08-24 - Public Act . . . . . . . . . 97-0513 [SB0152 Detail]
Download: Illinois-2011-SB0152-Chaptered.html
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| Public Act 097-0513 | ||||
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AN ACT concerning insurance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Insurance Code is amended by adding | ||||
Section 143.24d as follows:
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(215 ILCS 5/143.24d new) | ||||
Sec. 143.24d. Arbitration of physical damage subrogation | ||||
claims between insurers in certain cases. | ||||
(a) With respect to physical damage subrogation claims | ||||
arising from auto damages incurred on or after January 1, 2012, | ||||
insurers shall arbitrate and settle such claims where the | ||||
amount in controversy, exclusive of the costs of the | ||||
arbitration, is less than $2,500. Such arbitration shall be in | ||||
accordance with the terms of and rules adopted pursuant to the | ||||
Nationwide Inter-Company Arbitration Agreement, or any | ||||
successor thereto, as adopted and from time to time amended by | ||||
its members, unless the parties on a case-by-case basis | ||||
mutually agree to use another forum; the alternate forum may | ||||
include a court of competent jurisdiction, in which case the | ||||
claim shall be arbitrated or tried in that alternate forum. | ||||
Mandatory arbitration of disputed claims shall be limited | ||||
solely to the issues of liability and damages. | ||||
(b) Nothing in this Section shall be interpreted to require | ||||
an insurer to become a member of any organization or to sign | ||
the Nationwide Inter-Company Arbitration Agreement.
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Section 99. Effective date. This Act takes effect January | ||
1, 2012.
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