CORPORATE OPPORTUNITIES

Summary

If enacted, this bill would prohibit insurance companies from increasing renewal premiums for fire and extended coverage insurance by more than 10% unless the insurer provides at least 60 days' advance notice to the policyholder. The bill also establishes a new regulatory framework requiring that rates for such policies not be excessive, inadequate, or unfairly discriminatory, and mandates the use of credible state-specific loss experience where available. This would primarily affect insurers and property owners in Illinois, particularly those with fire and extended coverage policies.