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| | SB0152 Engrossed | | LRB097 02684 RPM 42703 b |
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| 1 | | AN ACT concerning insurance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Insurance Code is amended by adding |
| 5 | | Section 143.24d as follows:
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| 6 | | (215 ILCS 5/143.24d new) |
| 7 | | Sec. 143.24d. Physical damage arbitration between |
| 8 | | insurers. |
| 9 | | (a) Insurers shall arbitrate and settle all disputed claims |
| 10 | | in the amount of $10,000 or less made for automobile physical |
| 11 | | damage between them in accordance with the terms of and rules |
| 12 | | adopted pursuant to the Nationwide Inter-Company Arbitration |
| 13 | | Agreement, or any successor thereto, as adopted and from time |
| 14 | | to time amended by its members unless the parties mutually |
| 15 | | agree, on a case-by-case basis, to use another forum; the |
| 16 | | alternate forum may include a court of competent jurisdiction, |
| 17 | | in which case the claim shall be arbitrated or tried in that |
| 18 | | alternate forum. Mandatory arbitration of disputed claims |
| 19 | | shall be limited solely to the issues of automotive physical |
| 20 | | damage liability and automotive physical damages. |
| 21 | | (b) Every insurer licensed to issue a policy of automobile |
| 22 | | insurance, as defined in subsection (a) of Section 143.13 of |
| 23 | | this Code, shall be a signatory of the Nationwide Inter-Company |