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91_HB3106eng
HB3106 Engrossed LRB9110389JSgc
1 AN ACT to amend the Illinois Insurance Code by adding
2 Section 154.9.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 adding Section 154.9 as follows:
7 (215 ILCS 5/154.9 new)
8 Sec. 154.9. Settlement of claim; notice to insured.
9 (a) Within 30 days after settling any claim against an
10 insured for an amount in excess of $10,000 pursuant to a
11 policy of workers compensation insurance or a policy against
12 the liability of the insured, an insurer shall give the
13 insured notice of the settlement.
14 (b) This Section applies to settlements in amounts in
15 excess of $10,000 made under policies of insurance issued
16 pursuant to clause (b), (c), (d), or (j) of Class 2 of
17 Section 4 of this Code or pursuant to clause (e) or (h) of
18 Class 3 of Section 4 of this Code.
19 (c) If a company fails to provide the information as
20 required by this Section with such frequency so as to
21 indicate a practice of refusing to provide such information,
22 such failure shall constitute an unfair trade practice as
23 defined in Section 424 and subject to those hearing and
24 penalty provisions as set forth in Sections 425 through 434
25 of this Code.
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.
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