The Office of Illinois Governor JB Pritzker published a press release announcing the signing of HB 4273 and SB 714, which aim to make the state's homeowners and auto insurance markets more transparent and accountable.
The bills require home and auto insurers to justify their proposed insurance rate increases. Insurers are not allowed to increase rates for policyholders in the state in order to cover losses stemming from out-of-state disasters such as hurricanes or wildfires. SB 714 also makes it easier for older drivers to take driver safety courses to help adapt to new vehicle technology and stay safe while driving.
The Department states that the bills are in response to increasing insurance costs, sometimes by double digits. The bills aim to increase transparency and provide greater consumer protection. The Department may object to rates that are excessive, inadequate, or unfairly discriminatory.
The press release can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.