SB3827

SB3827 amends the Illinois Insurance Code to establish regulations for fire and extended coverage insurance rates.

SB3827 introduces a new Article in the Illinois Insurance Code to regulate rates for fire and extended coverage insurance. This legislation aims to protect policyholders and the public against excessive, inadequate, or unfairly discriminatory rates. It mandates that rates must be actuarially sound estimates of expected future costs. Insurers must file rates and supplementary information with the Director of Insurance 20 days before the effective date. The Director monitors market competition and availability of insurance, with a presumption of competitive markets unless proven otherwise.