Latest Breaking News On - Illinois insurance association - Page 15 : comparemela.com

Friday, January 15, 2021 Illinois law has not previously recognized prejudgment interest in tort actions for personal injury or wrongful death. Instead, Illinois’ judgment interest statute only imposes post-judgment interest in tort actions at the rate of 9 percent per year from the date of the judgment’s entry through the date of the judgment’s satisfaction. See 735 ILCS 5/2-1303(a) (section 1303). This may change, however, following the General Assembly’s passage of House Bill 3360 on January 13, 2021, which amends section 1303 to impose prejudgment interest in tort actions. House Bill 3360 states that prejudgment interest at the rate of 9 percent per year is to be imposed in all tort actions seeking recovery for personal injury or wrongful death. It states further that prejudgment interest begins to accrue “on the date the defendant has notice of the injury from the incident itself or a written notice”:

United statesIllinois insurance associationNational association of mutual insurance companiesIllinois chamberIllinois state medical societyIllinois trial lawyers associationAmerican property casualty insurance associationGeneral assemblyHouse billIllinois defense counselNational associationMutual insurance companiesAmerican property casualty insuranceLegislative newsHb 3360House bill 3360