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Public Act 097-0513
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| SB0152 Enrolled | LRB097 02684 RPM 42703 b |
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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 |