Ill. Admin. Code tit. 92, § 1457.430 – Disposition of Claims

a) Within 60 days after its receipt by the carrier, the processing carrier shall pay, decline to pay, or make a written firm offer to be held open for 30 days to settle, each written claim, except where both the claimant and the carrier agree in writing to extension of time for a definite period.
b) If the carrier declines to pay a claim or makes a firm offer to settle in an amount different from that sought, the carrier shall give the claimant written notice of its action and reasons for its action, citing tariff authority or other pertinent information developed as a result of its investigation. The carrier shall give notice within the time period specified in subsection (a).