Increases the minimum claim amount for mandatory arbitration in motor vehicle liability cases.

This bill amends the motor vehicle insurance law to increase the minimum claim amount that triggers mandatory arbitration from $50,000 to $100,000. Under the current law, any person suffering a loss from motor vehicle liability may submit the matter to arbitration if the claim is $50,000 or less. The new law raises this threshold to $100,000. The bill also outlines the arbitration process, including the selection of arbitrators, the conduct of hearings, and the binding nature of the arbitrator's decision. The act takes effect upon passage.

Increases the minimum claim amount for mandatory arbitration in motor vehicle liability cases.

This bill amends the motor vehicle insurance law to increase the minimum claim amount that triggers mandatory arbitration from $50,000 to $100,000. Under the current law, any person suffering a loss from motor vehicle liability may submit the matter to arbitration if the claim is $50,000 or less. The new law raises this threshold to $100,000. The bill also outlines the arbitration process, including the selection of arbitrators, the conduct of hearings, and the binding nature of the arbitrator's decision. The act takes effect upon passage.