NAIFA-IL has sent a call to action to its members to urge Gov. J.B. Pritzker to veto a bill that sets a prejudgment interest at the rate of 9% per year on all tort actions seeking recovery for personal injury or wrongful death.
The bill unfairly penalizes insurance consumers, and NAIFA-IL is concerned that the effect of the bill, HB 3360, would be an extraordinary burden for Illinois citizens and businesses, especially on the heels of a pandemic.
“Very few states allow prejudgment interest on personal injury judgments, and the ones that do, exclude non-economic damages from the calculation,” said Julie Harrison, NAIFA State Chapter Director. “We worry this bill would result in over-compensation to some plaintiffs and make defendants financially liable for delays they did not cause.”
The bill moved rapidly between both chambers over the course of only a few days. It is unclear when the Governor plans to act on the legislation.
NAIFA-IL members can take action at NAIFA’s Advocacy Action Center.