Bill Status of SB0268  104th General Assembly

Short Description:  INSURANCE RATE FAIRNESS

Senate Sponsors
Sen. Michael E. Hastings - Mike Porfirio - Meg Loughran Cappel - Mike Simmons - Patrick J. Joyce and Paul Faraci

Hearings
Insurance Hearing Apr 30 2025 11:00AM Capitol 400 Springfield, IL


Last Action
DateChamber Action
  3/19/2025SenatePostponed - Insurance

Statutes Amended In Order of Appearance
215 ILCS 5/Art. XLVIII heading new
215 ILCS 5/1801 new
215 ILCS 5/1805 new
215 ILCS 5/1810 new
215 ILCS 5/1815 new
215 ILCS 5/1820 new
215 ILCS 5/1825 new
215 ILCS 5/1830 new
215 ILCS 5/1835 new
215 ILCS 5/1840 new
215 ILCS 5/1845 new


Synopsis As Introduced
Creates the Insurance Fairness and Consumer Protection Law Article of the Illinois Insurance Code. Provides that insurers must submit a request for approval to the Department of Insurance for any proposed rate increase for homeowners insurance premiums or automobile insurance premiums. Prohibits implementing any rate increase without prior written approval of the Department. Prohibits using nondriving factors, such as credit score, occupation, and education level, to determine automobile insurance premiums. Provides that, for homeowners insurance, factors unrelated to the insured property's location, age, and condition shall not be considered in rate setting. Requires a public disclosure and comment period for any proposed rate increase exceeding 10% in a 12-month period. Prohibits an insurer from increasing premiums by more than 15% per year for any policyholder without exceptional justification, which must include specified evidence. Sets forth provisions concerning definitions; penalties; reimbursement of consumers; market conduct actions; Department approval of rate increases; and rulemaking. Effective immediately.

Actions 
DateChamber Action
  1/24/2025SenateFiled with Secretary by Sen. Michael E. Hastings
  1/24/2025SenateFirst Reading
  1/24/2025SenateReferred to Assignments
  1/29/2025SenateAdded as Chief Co-Sponsor Sen. Mike Porfirio
  1/29/2025SenateAdded as Chief Co-Sponsor Sen. Meg Loughran Cappel
  1/29/2025SenateAdded as Chief Co-Sponsor Sen. Mike Simmons
  2/4/2025SenateAdded as Chief Co-Sponsor Sen. Patrick J. Joyce
  2/26/2025SenateAdded as Co-Sponsor Sen. Paul Faraci
  3/4/2025SenateAssigned to Insurance
  3/4/2025SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings
  3/4/2025SenateSenate Committee Amendment No. 1 Referred to Assignments
  3/12/2025SenateSenate Committee Amendment No. 1 Assignments Refers to Insurance
  3/19/2025SenateSenate Committee Amendment No. 1 Postponed - Insurance
  3/19/2025SenatePostponed - Insurance
  3/21/2025SenateRule 2-10 Committee Deadline Established As April 4, 2025
  4/4/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
  4/11/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 9, 2025