IL SB2818

Amends the Illinois Insurance Code by adding Section 143.24d requiring insurers to arbitrate and settle all disputed automobile physical damage claims between them according to the Nationwide Inter-Company Arbitration Agreement or any successor thereof.

Allows parties to mutually agree on a case-by-case basis to use an alternative forum for dispute resolution, including a court of competent jurisdiction.

Limits mandatory arbitration of disputed claims solely to the issues of liability and damages.

Requires every insurer licensed to issue automobile insurance policies in Illinois to be a signatory to the Nationwide Inter-Company Arbitration Agreement or any successor thereto.

Takes effect immediately upon becoming law.