|
Public Act 098-0864
|
| SB0644 Enrolled | LRB098 04880 RPM 34908 b |
|
|
AN ACT concerning regulation.
|
Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
|
Section 5. The Illinois Insurance Code is amended by |
changing Section 143.24d as follows:
|
(215 ILCS 5/143.24d) |
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. Nothing in this |
Section shall preclude a party from seeking resolution in a |