Illinois SB0124 aims to ensure fairness in motor vehicle insurance rates by prohibiting certain factors in underwriting and rating policies.
Illinois SB0124, known as the Motor Vehicle Insurance Fairness Act, amends the Illinois Insurance Code to prohibit insurers from using specific factors in underwriting and rating automobile insurance policies. Prohibited factors include sex, marital status, race, religion, and others. Insurers cannot refuse to issue or renew policies based on these factors. The bill mandates that insurers file complete rate applications with the Director of Insurance, who will evaluate them. The Director can extend the review process by up to 60 days if needed.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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