Illinois General Assembly - Full Text of HB5559
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Full Text of HB5559  103rd General Assembly

HB5559 103RD GENERAL ASSEMBLY

 


 
103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5559

 

Introduced 2/9/2024, by Rep. Tracy Katz Muhl

 

SYNOPSIS AS INTRODUCED:
 
215 ILCS 5/143.19.4 new

    Amends the Illinois Insurance Code. Provides that, in addition to the options of total car replacement or a cash settlement, an insurer that issues a policy of automobile insurance shall provide to the policyholder, after the policyholder has been deemed eligible for compensation following an automobile crash, the option to be compensated for the value of repairs to make the automobile safe to drive. Requires an insurer to provide a copy of a specified rule at the time an offer of compensation for total loss is made. Requires the Department of Insurance to amend a specified rule to include information about the right of policyholders to elect to be compensated for the value of repairs to make the automobile safe to drive.


LRB103 39018 RPS 69155 b

 

 

A BILL FOR

 

HB5559LRB103 39018 RPS 69155 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Insurance Code is amended by
5adding Section 143.19.4 as follows:
 
6    (215 ILCS 5/143.19.4 new)
7    Sec. 143.19.4. Alternative compensation under a policy of
8automobile insurance.
9    (a) In addition to the options of total car replacement or
10a cash settlement, an insurer that issues a policy of
11automobile insurance shall provide to the policyholder, after
12the policyholder has been deemed eligible for compensation
13following an automobile crash, the option to be compensated
14for the value of repairs to make the automobile safe to drive.
15    (b) If an insurer offers a policyholder compensation for
16total loss, the insurer shall provide, at the time of the offer
17of compensation for total loss, a copy of 50 Ill. Adm. Code
18919.EXHIBIT A, if the offer is provided via written
19communication, or an oral description of 50 Ill. Adm. Code
20919.EXHIBIT A, if the offer is provided via verbal
21communication.
22    (c) The Department of Insurance shall amend 50 Ill. Adm.
23Code 919.EXHIBIT A to include information about the right of

 

 

HB5559- 2 -LRB103 39018 RPS 69155 b

1policyholders to elect to be compensated for the value of
2repairs to make the automobile safe to drive.