INSURANCE RATE TRANSPARENCY
Summary
Creates the Insurance Rate Transparency Law as an Article of the Illinois Insurance Code. Provides that, beginning January 1, 2026, each insurer offering automobile and homeowners insurance policies in Illinois shall maintain a publicly accessible website displaying a summary of the annual percentage increase or decrease in premium rates for homeowners insurance policies and automobile insurance policies. Requires the website to display the rate-change data for the previous 5 years, updated annually by no later than January 31 of each year, and specified other data. Sets forth provisions concerning the format of the renewal notice; enforcement of the requirements by the Department of Insurance; penalties; and rulemaking. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 24, 2025
Last action Feb 26, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
8
Key actions
0
Committee
1
Jan 24, 2025
Committee
Referred to Assignments
upper
1 primary · 5 co-sponsors
Sponsors
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