Illinois SB3823 amends the Illinois Insurance Code to regulate automobile insurance rates and restrict certain factors in premium calculations.
Illinois SB3823 amends the Illinois Insurance Code to regulate automobile insurance rates, ensuring they are not excessive, inadequate, or unfairly discriminatory. The bill introduces a new Article on Rates for Automobile Insurance, emphasizing the use of credible State-specific loss experience in rate development. It prohibits insurers from using an insured's zip code, credit score, or age (if over 65) to increase premiums, result in nonrenewal, or lead to policy cancellation.
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