SB2684 amends the Illinois Insurance Code to regulate how insurance companies use homeowner insurance premiums and mandates notices for premium.
SB2684 amends the Illinois Insurance Code to prohibit insurers from using homeowner insurance premiums for executive compensation, marketing, lobbying, and political contributions. It requires insurers to notify policyholders if their premiums will increase by 10% or more, detailing the reasons for the increase. The bill mandates that the Department of Commerce and Economic Opportunity establish a pilot program by July 1, 2026, to provide financial assistance to eligible homeowners and renters facing significant premium increases.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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