SB2698

Illinois SB2698 establishes the Insurance Rate Fairness and Consumer Protection Law, limiting premium increases and requiring insurer approval for.

Illinois SB2698 introduces the Insurance Rate Fairness and Consumer Protection Law, aiming to limit unjustified increases in homeowners and automobile insurance premiums. The law restricts insurers from raising premiums by more than 10% annually without exceptional justification, such as natural disasters or regulatory changes. Insurers must submit rate change requests to the Department of Insurance for approval, with a 60-day review period. The Department conducts market conduct examinations every three years to ensure compliance.