House Sponsors: GIGLIO-JOHNSON,TOM. Short description: INS SETTLE NOTIFY INSURED Synopsis of Bill as introduced: Amends the Illinois Insurance Code. Provides that before an insurance company settles a claim for an amount in excess of $10,000 pursuant to a liability insurance policy or workers compensation insurance policy, it must give the insured notice of the settlement and an opportunity to comment upon the settlement. Effective immediately. HOUSE AMENDMENT NO. 1. Removes requirement that an insured be given an opportunity to comment on and respond to a proposed settlement. Requires only that notice of the settlement be given. HOUSE AMENDMENT NO. 3. Requires notice of a settlement to be given to the insured within 30 days after the claim is settled rather than before the claim is settled. Provides that repeated failure to provide the information constitutes an unfair trade practice. STATE MANDATES NOTE, H-AM 1, 3 (Department of Commerce and Community Affairs) HB 3106 (H-am 1 and 3) does not create a State mandate. HOME RULE NOTE, H-AM 1, 3 (Department of Commerce and Community Affairs) HB-3106 (H-am 1 and 3) does note relate to home rule powers and functions, and therefore does not pre-empt home rule authority. FISCAL NOTE, H-AM 1,3 (Dept. of Insurance) HB 3106, with H-am 1 and 3, will have minimal fiscal impact on the Department. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status