How Long Does An Insurance Company Have to Issue Payment After A Settlement Has Been Reached?

If you decide to settle a civil matter, how long will it take before you receive payment? What happens if you do not receive payment within a certain time period? Illinois statute 735 ILCS 5/2-2301 is designed to assist in answering your questions. 735 ILCS 2-2301 ("§2-2301") provides guidelines for the exchange of settlement documents and payment after a civil matter has been settled. Specifically, §2-2301 applies to settlements reached in cases involving personal injury, property damage, wrongful death, or tort actions involving a claim for money damages. In these instances, a release must be tendered to the plaintiff by the settling defendant within fourteen (14) days of written confi

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