|SB0644 Engrossed||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:
The Illinois Insurance Code is amended by
changing Section 143.24d as follows:
(215 ILCS 5/143.24d)
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