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| [ Introduced ] | [ Enrolled ] | [ House Amendment 001 ] |
90_HB1410eng
215 ILCS 5/155.31 new
Amends the Illinois Insurance Code concerning structured
settlements. Adds a Section caption only.
LRB9003927JScc
HB1410 Engrossed LRB9003927JScc
1 AN ACT to amend the Illinois Insurance Code by adding
2 Section 155.31.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 adding Section 155.31 as follows:
7 (215 ILCS 5/155.31 new)
8 Sec. 155.31. Structured settlements.
9 (a) No insurance company may make payments on a
10 structured settlement of a claim for personal injury to
11 anyone other than the beneficiary of the settlement without
12 prior approval of the circuit court of the county where an
13 action was or could have been maintained.
14 (b) No person who is the beneficiary of a structured
15 settlement of a claim for personal injury may assign in any
16 manner the payments of the settlement without prior approval
17 of the circuit court of the county where an action was or
18 could have been maintained.