Full Text of HB3463 97th General Assembly
HB3463 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB3463 Introduced 2/24/2011, by Rep. Greg Harris SYNOPSIS AS INTRODUCED: |
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215 ILCS 5/155 | from Ch. 73, par. 767 |
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Amends the Illinois Insurance Code. Provides that in any proceeding in court or in arbitration (now, in any action) by or against a company where there is at issue the liability of a company on an insurance policy or the amount of the loss payable, or for an unreasonable delay in settling a claim, the court, arbitrator, or majority of the arbitration panel may allow as part of the costs in the proceeding reasonable attorney fees and certain other costs. Makes corresponding changes in the provision concerning attorney fees.
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| | A BILL FOR |
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| 1 | | AN ACT concerning insurance.
| 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 155 as follows:
| 6 | | (215 ILCS 5/155) (from Ch. 73, par. 767)
| 7 | | Sec. 155. Attorney fees.
| 8 | | (1) In any proceeding in court or in arbitration action by | 9 | | or against a company wherein
there is in issue the liability of | 10 | | a company on a policy or policies of
insurance or the amount of | 11 | | the loss payable thereunder, or for an unreasonable
delay in | 12 | | settling a claim, and it appears to the court , arbitrator, or | 13 | | majority of the arbitration panel that such action
or delay is | 14 | | vexatious and unreasonable, the court , arbitrator, or majority | 15 | | of the arbitration panel may allow as part of the
taxable costs | 16 | | in the proceeding action reasonable attorney fees, other costs, | 17 | | plus
an amount not to exceed any one of the following amounts:
| 18 | | (a) 60% of the amount which the court , or jury , | 19 | | arbitrator, or majority of the arbitration panel finds such | 20 | | party
is entitled to recover against the company, exclusive | 21 | | of all costs;
| 22 | | (b) $60,000;
| 23 | | (c) the excess of the amount which the court , or jury , |
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| 1 | | arbitrator, or majority of the arbitration panel finds such | 2 | | party is
entitled to recover, exclusive of costs, over the | 3 | | amount, if any, which
the company offered to pay in | 4 | | settlement of the claim prior to the proceeding action .
| 5 | | (2) Where there are several policies insuring the same | 6 | | insured
against the same loss whether issued by the same or by | 7 | | different
companies, the court , arbitrator, or majority of the | 8 | | arbitration panel may fix the amount of the allowance so that | 9 | | the
total attorney fees on account of one loss shall not be | 10 | | increased by
reason of the fact that the insured brings | 11 | | separate proceedings suits on such policies.
| 12 | | (Source: P.A. 93-485, eff. 1-1-04.)
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