Pretzel & Stouffer Attorneys Submit Amicus Brief in Support of Insurance Producers
Following the submission of an amicus brief prepared by Pretzel & Stouffer partners, Richard Waris, Matthew Egan, and Brendan Nelligan, on behalf of the Independent Insurance Agents of Illinois, the Illinois Supreme Court recently entered a very important victory for insurance producers and insurers in American Family Mut. Ins. Co. v. Krop, 2018 IL 122556.
The Supreme Court’s decision affirmed the plain language of the Insurance Placement Liability Act (drafted by Richard Waris and Matthew Egan) which virtually eliminated fiduciary liability on the part of insurance producers. In addition, the Court held that under Illinois’ statute of limitations for insurance producers (which was also drafted by the same Pretzel & Stouffer attorneys), an insurance producer cannot be sued more than two years after the producer procures a policy for the client and provides them a copy of that policy.
We are very proud of our role in the creation of the Illinois Insurance Placement Liability Act and in this seminal decision of the Illinois Supreme Court.