AN ACT RELATING TO INSURANCE -- MOTOR VEHICLE INSURANCE -- MANDATORY ARBITRATION PROVISION

SB 3194 modifies the state's mandatory arbitration rules for motor vehicle liability claims by raising the minimum claim threshold from $50,000 to $100,000. This change directly affects individuals filing insurance claims for property damage, bodily injury, or death, requiring only those with damages between $50,000 and $100,000 to submit their cases to arbitration. The bill maintains existing procedures where selected arbitrators conduct informal hearings, share costs between parties, and issue binding decisions that can be challenged within 60 days by reserving the right to a jury trial. Additionally, the legislation requires insurance policyholders to agree in writing to these arbitration provisions when applying for or renewing driver's licenses or registering vehicles.