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(625 ILCS 5/7-311)
(from Ch. 95 1/2, par. 7-311)
Payments sufficient to satisfy requirements.
(a) Judgments herein referred to arising out of motor vehicle accidents
occurring on or after January 1, 2015 (the effective date of Public Act 98-519) shall for the purpose of this
Chapter be deemed satisfied:
1. when $25,000 has been credited upon any judgment
or judgments rendered in excess of that amount for bodily injury to or the death of one person as the result of any one motor vehicle accident; or
2. when, subject to said limit of $25,000 as to any
one person, the sum of $50,000 has been credited upon any judgment or judgments rendered in excess of that amount for bodily injury to or the death of more than one person as the result of any one motor vehicle accident; or
3. when $20,000 has been credited upon any judgment
or judgments, rendered in excess of that amount for damages to property of others as a result of any one motor vehicle accident.
The changes to this subsection made by Public Act 98-519 apply only to policies issued or renewed on or after January 1, 2015.
(b) Credit for such amounts shall be deemed a satisfaction of any such
judgment or judgments in excess of said amounts only for the purposes of
(c) Whenever payment has been made in settlement of any claim for bodily
injury, death, or property damage arising from a motor vehicle accident
resulting in injury, death, or property damage to two or more persons in
such accident, any such payment shall be credited in reduction of the
amounts provided for in this Section.
(Source: P.A. 99-78, eff. 7-20-15; 100-201, eff. 8-18-17.)