Bill Status of SB0269

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SB0269 - 104th General Assembly

INSURANCE RATE TRANSPARENCY
Last Action
1/24/2025 - Senate: Referred to Assignments
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
Synopsis As Introduced
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.
Actions
Date Chamber Action
1/24/2025 Senate Filed with Secretary by Sen. Michael E. Hastings
1/24/2025 Senate First Reading
1/24/2025 Senate Referred to Assignments
1/29/2025 Senate Added as Chief Co-Sponsor Sen. Mike Porfirio
1/29/2025 Senate Added as Chief Co-Sponsor Sen. Meg Loughran Cappel
1/29/2025 Senate Added as Chief Co-Sponsor Sen. Mike Simmons
2/04/2025 Senate Added as Chief Co-Sponsor Sen. Patrick J. Joyce
2/26/2025 Senate Added as Co-Sponsor Sen. Paul Faraci