(625 ILCS 5/7-311) (from Ch. 95 1/2, par. 7-311)
Sec. 7-311. Payments sufficient to satisfy requirements. (a) Judgments herein referred to arising out of motor vehicle crashes
occurring on or after January 1, 2015 (the effective date of Public Act 98-519) shall for the purpose of this
Chapter be deemed satisfied:
1. when $25,000 has been credited upon any judgment |
| or judgments rendered in excess of that amount for bodily injury to or the death of one person as the result of any one motor vehicle crash; or
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2. when, subject to said limit of $25,000 as to any
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| one person, the sum of $50,000 has been credited upon any judgment or judgments rendered in excess of that amount for bodily injury to or the death of more than one person as the result of any one motor vehicle crash; or
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3. when $20,000 has been credited upon any judgment
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| or judgments, rendered in excess of that amount for damages to property of others as a result of any one motor vehicle crash.
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The changes to this subsection made by Public Act 98-519 apply only to policies issued or renewed on or after January 1, 2015.
(b) Credit for such amounts shall be deemed a satisfaction of any such
judgment or judgments in excess of said amounts only for the purposes of
this Chapter.
(c) Whenever payment has been made in settlement of any claim for bodily
injury, death, or property damage arising from a motor vehicle crash
resulting in injury, death, or property damage to two or more persons in
such crash, any such payment shall be credited in reduction of the
amounts provided for in this Section.
(Source: P.A. 102-982, eff. 7-1-23 .)
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(625 ILCS 5/7-316) (from Ch. 95 1/2, par. 7-316)
Sec. 7-316. Certificate furnished by nonresident
as proof. Any nonresident owner of a motor vehicle
not registered in this State may give proof of financial responsibility
by filing with the Secretary of State a certificate or certificates of an
insurance carrier authorized to transact business in the state or province
of the Dominion of Canada in
which the motor vehicle or motor vehicles described in such certificate
are registered, or if such nonresident does
not own a motor vehicle then in the state or province of the Dominion of
Canada in which the insured resides, and otherwise conforming to the provisions
of this Code, and the Secretary of State shall accept the same
if such carrier shall:
1. Execute a power of attorney authorizing the |
| Secretary of State to accept service on its behalf of notice of process in any action arising out of a motor vehicle crash in this State;
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2. Duly adopt a resolution which shall be binding
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| upon it declaring that its policies shall be deemed to be varied to comply with the laws of this State relating to the terms of motor vehicle liability policies as required by Section 7-317; and
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3. Agree to accept as final and binding any final
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| judgment duly rendered in any action arising out of a motor vehicle crash in any court of competent jurisdiction in this State.
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(Source: P.A. 102-982, eff. 7-1-23 .)
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(625 ILCS 5/7-317) (from Ch. 95 1/2, par. 7-317)
Sec. 7-317. "Motor vehicle liability policy" defined. (a)
Certification. -A "motor vehicle liability policy", as that term is
used in this Act, means an "owner's policy" or an "operator's policy" of
liability insurance, certified as provided in Section 7-315 or Section
7-316 as proof of financial responsibility for the future, and issued,
except as otherwise provided in Section 7-316, by an insurance carrier
duly authorized to transact business in this State, to or for the
benefit of the person named therein as insured.
(b) Owner's Policy. --Such owner's policy of liability insurance:
1. Shall designate by explicit description or by |
| appropriate reference, all motor vehicles with respect to which coverage is thereby intended to be granted;
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2. Shall insure the person named therein and any
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| other person using or responsible for the use of such motor vehicle or vehicles with the express or implied permission of the insured;
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3. Shall insure every named insured and any other
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| person using or responsible for the use of any motor vehicle owned by the named insured and used by such other person with the express or implied permission of the named insured on account of the maintenance, use or operation of any motor vehicle owned by the named insured, within the continental limits of the United States or the Dominion of Canada against loss from liability imposed by law arising from such maintenance, use or operation, to the extent and aggregate amount, exclusive of interest and cost, with respect to each motor vehicle, of $25,000 for bodily injury to or death of one person as a result of any one crash and, subject to such limit as to one person, the amount of $50,000 for bodily injury to or death of all persons as a result of any one crash and the amount of $20,000 for damage to property of others as a result of any one crash. The changes to this paragraph made by this amendatory Act of the 98th General Assembly apply only to policies issued or renewed on or after January 1, 2015.
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(c) Operator's Policy. --When an operator's policy is required, it
shall insure the person named therein as insured against the liability
imposed by law upon the insured for bodily injury to or death of any
person or damage to property to the amounts and limits above set forth
and growing out of the use or operation by the insured within the
continental limits of the United States or the Dominion of Canada of any
motor vehicle not owned by him.
(d) Required Statements in Policies. --Every motor vehicle liability
policy must specify the name and address of the insured, the coverage
afforded by the policy, the premium charged therefor, the policy period,
and the limits of liability, and shall contain an agreement that the
insurance thereunder is provided in accordance with the coverage defined
in this Act, as respects bodily injury and death or property damage or
both, and is subject to all the provisions of this Act.
(e) Policy Need Not Insure Workers' Compensation. --Any liability
policy or policies issued hereunder need not cover any liability of the
insured assumed by or imposed upon the insured under any workers'
compensation law nor any liability for damage to property in charge of
the insured or the insured's employees.
(f) Provisions Incorporated in Policy. --Every motor vehicle
liability policy is subject to the following provisions which need not
be contained therein:
1. The liability of the insurance carrier under any
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| such policy shall become absolute whenever loss or damage covered by the policy occurs and the satisfaction by the insured of a final judgment for such loss or damage shall not be a condition precedent to the right or obligation of the carrier to make payment on account of such loss or damage.
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2. No such policy may be cancelled or annulled as
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| respects any loss or damage, by any agreement between the carrier and the insured after the insured has become responsible for such loss or damage, and any such cancellation or annulment shall be void.
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3. The insurance carrier shall, however, have the
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| right to settle any claim covered by the policy, and if such settlement is made in good faith, the amount thereof shall be deductible from the limits of liability specified in the policy.
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4. The policy, the written application therefor, if
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| any, and any rider or endorsement which shall not conflict with the provisions of this Act shall constitute the entire contract between the parties.
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(g) Excess or Additional Coverage. --Any motor vehicle liability
policy may, however, grant any lawful coverage in excess of or in
addition to the coverage herein specified or contain any agreements,
provisions, or stipulations not in conflict with the provisions of this
Act and not otherwise contrary to law.
(h) Reimbursement Provision Permitted. --The policy may provide that
the insured, or any other person covered by the policy shall reimburse
the insurance carrier for payment made on account of any loss or damage
claim or suit involving a breach of the terms, provisions or conditions
of the policy; and further, if the policy shall provide for limits in
excess of the limits specified in this Act, the insurance carrier may
plead against any plaintiff, with respect to the amount of such excess
limits of liability, any defense which it may be entitled to plead
against the insured.
(i) Proration of Insurance Permitted. --The policy may provide for
the pro-rating of the insurance thereunder with other applicable valid
and collectible insurance.
(j) Binders. --Any binder pending the issuance of any policy, which
binder contains or by reference includes the provisions hereunder shall
be sufficient proof of ability to respond in damages.
(k) Copy of Policy to Be Filed with Department of
Insurance--Approval. --A copy of the form of every motor vehicle
liability policy which is to be used to meet the requirements of this
Act must be filed, by the company offering such policy, with the
Department of Insurance, which shall approve or disapprove the policy
within 30 days of its filing. If the Department approves the policy in
writing within such 30 day period or fails to take action for 30 days,
the form of policy shall be deemed approved as filed. If within the 30
days the Department disapproves the form of policy filed upon the ground
that it does not comply with the requirements of this Act, the
Department shall give written notice of its decision and its reasons
therefor to the carrier and the policy shall not be accepted as proof of
financial responsibility under this Act.
(l) Insurance Carrier Required to File Certificate. --An insurance
carrier who has issued a motor vehicle liability policy or policies or
an operator's policy meeting the requirements of this Act shall, upon
the request of the insured therein, deliver to the insured for filing,
or at the request of the insured, shall file direct, with the Secretary
of State a certificate, as required by this Act, which shows that such
policy or policies have been issued. No insurance carrier may require
the payment of any extra fee or surcharge, in addition to the insurance
premium, for the execution, delivery or filing of such certificate.
(m) Proof When Made By Endorsement. --Any motor vehicle liability
policy which by endorsement contains the provisions required hereunder
shall be sufficient proof of ability to respond in damages.
(Source: P.A. 102-982, eff. 7-1-23 .)
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(625 ILCS 5/7-320) (from Ch. 95 1/2, par. 7-320)
Sec. 7-320.
Bond as Proof.
A person required to give proof of financial responsibility may file
with the Secretary of State a bond, executed by the person giving such
proof and by a surety company, duly authorized to transact business within
the State; or by the person, giving such proof and by 2 individual
sureties, each owning real estate within this State and having an equity
therein in the amount of such bond, which real estate shall be scheduled
therein.
1. The Secretary of State shall not accept any such real estate bond
unless it is first approved by a judge of a court.
2. The Secretary of State shall not accept any such bond unless it is
conditioned for payment in amounts and under the same circumstances as
would be required in a motor vehicle liability policy furnished by the
person giving such proof under this Act.
3. No such bond shall be cancelled unless 10 days' prior written
notice is given to the Secretary of State, but cancellation of such bond
shall not prevent recovery thereon with respect to any right or cause of
action arising prior to the date of cancellation.
4. The principal and sureties of every such real estate bond shall
execute and deliver an original and one copy of the bond and schedule and
in addition, when the real property or any part thereof, listed or
described in the schedule, shall lie in more than one county, then as many
extra copies as there are counties in which the real property, or any part
thereof, shall lie, to the judge to whom such bond is presented for
approval, who shall, if he approved the bond, endorse upon the original
and each copy of the bond the date of the approval thereof; and the clerk
of the court shall immediately file one of the copies with the recorder
in each county in which is situated any of the non-registered real
property so scheduled.
5. If any of the lands so scheduled shall have been registered under "An
Act concerning land titles", approved May 1, 1897, as amended, the clerk
of the court in which the bond is approved shall immediately file with the
registrar of titles in and for each county in which any of the registered
land so scheduled is situated, a notice stating that such land has been so
scheduled, and the registrar shall thereupon enter a memorial of such fact
upon the record.
6. The clerk of the court in which the bond is approved shall endorse
upon the original of each such real estate bond approved the date upon
which he or she filed a copy of such bond with the recorder in each
county in which is situated any of the non-registered real property so
scheduled or the notice with the registrar of titles in and for each
county in which any of the registered land scheduled is situated and shall
deliver such original bond to the principal thereon.
(Source: P.A. 83-1362.)
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