state_legiscan_drain · IL
INS-CLIMATE RISK DISCLOSURE
February 7, 2025
Summary
If enacted, this bill would amend the Illinois Insurance Code to require insurers to provide at least 60 days' notice before raising renewal premiums by more than 10% on fire and extended coverage insurance policies, and it would create a new rate regulation article prohibiting excessive, inadequate, or unfairly discriminatory rates while mandating the use of credible state-specific loss experience. Insurers and the Illinois Department of Insurance would be directly affected, and policyholders would gain advance notice protections. The bill takes effect January 1, 2027.
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Common questions
- What does "INS-CLIMATE RISK DISCLOSURE" cover?
- If enacted, this bill would amend the Illinois Insurance Code to require insurers to provide at least 60 days' notice before raising renewal premiums by…
- When was it published?
- It was published on February 7, 2025.