SB0268

SB0268 establishes the Insurance Rate Fairness and Consumer Protection Law to limit unjustified insurance premium increases.

SB0268 creates the Insurance Rate Fairness and Consumer Protection Law in Illinois. It aims to limit unjustified increases in homeowners and automobile insurance premiums, ensure transparency in rate-setting practices, and grant the Department of Insurance greater oversight authority to protect consumers. The law prohibits insurers from using nondriving factors, such as credit score, occupation, and education level, to determine automobile insurance premiums. For homeowners insurance, factors unrelated to the insured property's location, age, and condition cannot be used.