Illinois HB5138 mandates the Director of Insurance to investigate rate setting for affordable housing and report on housing insurance market.
HB5138 amends the Illinois Insurance Code to require the Director of Insurance to examine and investigate companies for excessive, inadequate, or unfairly discriminatory rates regarding affordable housing developments. The Director must analyze data to determine if price differentials reflect expected losses and expenses. The bill also mandates an annual report on the housing insurance market for affordable rental housing, including premium levels, coverage availability, and market stress. The report must be submitted to the Governor and General Assembly and posted on their websites.
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- Legal Framework
- Critical Issues
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