INS CD-DAMAGES

Amends the Illinois Insurance Code. Provides that with respect to damages and the coverage regarding uninsured and hit and run motor vehicle coverage, any decision made by the arbitrators shall be binding (now, any decision made by the arbitrators shall be binding for the amount of damages not exceeding $50,000 for bodily injury to or death of any one person, $100,000 for bodily injury to or death of 2 or more persons in any one motor vehicle accident, or the corresponding policy limits for bodily injury or death, whichever is less). Provides the changes made by this amendatory Act of the 98th General Assembly apply to all policies of insurance amended, delivered, issued, or renewed on and after the effective date of this amendatory Act of the 98th General Assembly.