Sec. 7-311. Payments sufficient to satisfy requirements.
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Sec. 7-311. Payments sufficient to satisfy requirements.
(a)Judgments herein referred to arising out of motor vehicle crashes occurring on or after January 1, 2015 (the effective date of Public Act 98-519) shall for the purpose of this Chapter be deemed satisfied:
1. when $25,000 has been credited upon any judgment or judgments rendered in excess of
that amount for bodily injury to or the death of one person as the result of any one motor vehicle crash; or
2. when, subject to said limit of $25,000 as to any one person, the sum of $50,000 has
been credited upon any judgment or judgments rendered in excess of that amount for bodily injury to or the death of more than one person as the result of any one motor vehicle crash; or
3. when $20,000 has been credited upon any judgment or judgments, rendered in excess of
that amount for damages to property of others as a result of any one motor vehicle crash.
The changes to this subsection made by Public Act 98-519 apply only to policies issued or renewed on or after January 1, 2015.
(b)Credit for such amounts shall be deemed a satisfaction of any such judgment or judgments in excess of said amounts only for the purposes of this Chapter.
(c)Whenever payment has been made in settlement of any claim for bodily injury, death, or property damage arising from a motor vehicle crash resulting in injury, death, or property damage to two or more persons in such crash, any such payment shall be credited in reduction of the amounts provided for in this Section.