|
| | SB0644 Engrossed | | LRB098 04880 RPM 34908 b |
|
|
| 1 | | AN ACT concerning regulation.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Insurance Code is amended by |
| 5 | | changing Section 143.24d as follows:
|
| 6 | | (215 ILCS 5/143.24d) |
| 7 | | Sec. 143.24d. Arbitration of physical damage subrogation |
| 8 | | claims between insurers in certain cases. |
| 9 | | (a) With respect to physical damage subrogation claims |
| 10 | | arising from auto damages incurred on or after January 1, 2012, |
| 11 | | insurers shall arbitrate and settle such claims where the |
| 12 | | amount in controversy, exclusive of the costs of the |
| 13 | | arbitration, is less than $2,500. Such arbitration shall be in |
| 14 | | accordance with the terms of and rules adopted pursuant to the |
| 15 | | Nationwide Inter-Company Arbitration Agreement, or any |
| 16 | | successor thereto, as adopted and from time to time amended by |
| 17 | | its members, unless the parties on a case-by-case basis |
| 18 | | mutually agree to use another forum; the alternate forum may |
| 19 | | include a court of competent jurisdiction, in which case the |
| 20 | | claim shall be arbitrated or tried in that alternate forum. |
| 21 | | Mandatory arbitration of disputed claims shall be limited |
| 22 | | solely to the issues of liability and damages. Nothing in this |
| 23 | | Section shall preclude a party from seeking resolution in a |