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(215 ILCS 5/357.9) (from Ch. 73, par. 969.9)
Sec. 357.9.
"TIME OF PAYMENT OF CLAIMS:
Indemnities
payable under
this policy for any loss other than loss for which this policy provides
any periodic payment will be paid immediately upon receipt of due
written proof of such loss.
Subject
to due written proof of loss, all
accrued indemnities for loss for which this policy provides periodic
payment will be paid ....
(insert period for payment which must not be
less frequently than monthly) and any balance remaining unpaid upon the
termination of liability, will be paid immediately upon receipt of due
written proof."
All claims and indemnities payable under the terms of
a policy of accident and health insurance shall be paid within 30 days
following receipt by the insurer of due proof of loss.
Failure to pay
within such period shall entitle the insured
to interest at the rate of 9
per cent per annum from the 30th day after receipt of such proof of loss to
the date of late payment, provided that interest amounting to less than one
dollar need not be paid.
An insured or an insured's assignee shall be
notified by the insurer, health maintenance organization, managed care plan,
health care plan, preferred provider organization, or third party administrator
of any known failure to provide sufficient documentation for a
due proof of
loss within 30 days after receipt of the claim.
Any
required interest payments shall be made within 30 days after the payment.
The requirements of this Section shall apply to any policy of accident
and health insurance delivered, issued for delivery, renewed or amended on
or after 180 days following the effective date of this amendatory Act of 1985.
The requirements of this Section also shall specifically apply to
any group policy of dental insurance only, delivered, issued for
delivery, renewed or amended on or after 180 days following the effective
date of this amendatory Act of 1987.
(Source: P.A. 91-605, eff. 12-14-99.)
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