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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB2818
Introduced 1/28/2010, by Sen. William R. Haine SYNOPSIS AS INTRODUCED:
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Amends the Illinois Insurance Code. Provides that insurers shall arbitrate and settle all disputed claims made for automobile physical damage between them in accordance with the terms of and rules adopted pursuant to the Nationwide Inter-Company Arbitration Agreement unless the parties agree to use another forum. Provides that mandatory arbitration shall be limited solely to the issues of liability and damages. Provides that every insurer licensed to issue a policy of automobile insurance shall be a signatory of the Nationwide Inter-Company Arbitration Agreement or any successor thereto. Effective immediately.
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A BILL FOR
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SB2818 |
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LRB096 18340 RPM 33717 b |
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| AN ACT concerning insurance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Insurance Code is amended by adding |
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| Section 143.24d as follows:
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| (215 ILCS 5/143.24d new) |
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| Sec. 143.24d. Physical damage arbitration between |
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| insurers. |
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| (a) Insurers shall arbitrate and settle all disputed claims |
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| made for automobile physical damage between them in accordance |
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| with the terms of and rules adopted pursuant to the Nationwide |
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| Inter-Company Arbitration Agreement, or any successor thereto, |
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| as adopted and from time to time amended by its members unless |
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| the parties mutually agree, on a case-by-case basis, to use |
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| another forum; the alternate forum may include a court of |
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| competent jurisdiction, in which case the claim shall be |
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| arbitrated or tried in that alternate forum. Mandatory |
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| arbitration of disputed claims shall be limited solely to the |
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| issues of liability and damages. |
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| (b) Every insurer licensed to issue a policy of automobile |
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| insurance, as defined in subsection (a) of Section 143.13 of |
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| this Code, shall be a signatory of the Nationwide Inter-Company |
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| Arbitration Agreement or any successor thereto.
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