SB2692 establishes the Insurance Rate Fairness and Consumer Protection Law in Illinois, ensuring rates are fair, reasonable, and based on.
SB2692 amends the Illinois Insurance Code to create the Insurance Rate Fairness and Consumer Protection Law. This law aims to protect policyholders and the public by ensuring rates are not excessive, inadequate, or unfairly discriminatory. It applies to companies issuing policies for residential structures, excluding commercial and non-owner policies. The law mandates that rates reflect Illinois-specific loss experience and prohibits the incorporation of catastrophe or extreme event losses from other states.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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