New Prompt Settlement Payment Act Has Significant Implications for Illinois Malpractice Cases
Medical Litigation Alert
Every medical malpractice carrier and, in fact, all insurers, as well as hospitals, clinics, physicians, risk managers, and litigators, need to be aware of a new Illinois statute that took effect on January 1, 2014. The new statute, 735 ILCS 5/2-2301, drastically affects settlements and the penalties for non-compliance are significant. The Act has numerous ramifications to settlements, including negotiations, settlement offers, liens, settlement and release terms, and timing of payments, amongst other matters.
Hinshaw attorneys David H. Levitt and Robert J. Finley have prepared an overview of the Act, including related issues and strategy considerations, which is available for download here.