Limits renewal premium increases to 10% for certain insurance policies in Illinois.
SB2699 amends the Illinois Insurance Code to limit renewal premium increases to 10% for fire and extended coverage insurance, and automobile insurance. The bill also mandates that companies provide written or electronic notice of premium changes at least 30 days prior to renewal. Additionally, companies must notify the insured of their intention not to renew at least 30 days in advance. The changes take effect on January 1, 2028.
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