SB2472 amends the Illinois Insurance Code to enhance transparency on climate risk management and requires insurers to participate in climate surveys.

SB2472 amends the Illinois Insurance Code by adding the Climate Risk Disclosure Article. It mandates that insurers licensed in Illinois under Classes 2 and 3, writing $100,000,000 or more annually in premiums, must participate in climate surveys issued by the Department of Insurance and the National Association of Insurance Commissioners. The bill also modifies the notice requirements for insurance cancellations and nonrenewals, specifying that notices must be mailed at least 30 days prior to cancellation if within the first 60 days of coverage, and at least 60 days prior thereafter.

SB2472 amends the Illinois Insurance Code to enhance transparency on climate risk management and requires insurers to participate in climate surveys.

SB2472 amends the Illinois Insurance Code by adding the Climate Risk Disclosure Article. It mandates that insurers licensed in Illinois under Classes 2 and 3, writing $100,000,000 or more annually in premiums, must participate in climate surveys issued by the Department of Insurance and the National Association of Insurance Commissioners. The bill also modifies the notice requirements for insurance cancellations and nonrenewals, specifying that notices must be mailed at least 30 days prior to cancellation if within the first 60 days of coverage, and at least 60 days prior thereafter.