Illinois SB0269 mandates insurers to disclose annual rate changes for homeowners and auto insurance, both online and in renewal notices.

Illinois SB0269, the Insurance Rate Transparency Law, requires insurers to maintain a publicly accessible website displaying the annual percentage change in premium rates for homeowners and auto insurance policies. The website must show data for the previous five years, updated annually by January 31. Insurers must also include a summary of this rate-change data in all mailed renewal notices, using a minimum 14-point font size. The law aims to increase transparency in the insurance market, empowering consumers to make informed decisions.

Illinois SB0269 mandates insurers to disclose annual rate changes for homeowners and auto insurance, both online and in renewal notices.

Illinois SB0269, the Insurance Rate Transparency Law, requires insurers to maintain a publicly accessible website displaying the annual percentage change in premium rates for homeowners and auto insurance policies. The website must show data for the previous five years, updated annually by January 31. Insurers must also include a summary of this rate-change data in all mailed renewal notices, using a minimum 14-point font size. The law aims to increase transparency in the insurance market, empowering consumers to make informed decisions.