Illinois SB 268: INSURANCE RATE FAIRNESS

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 Full Text of SB0268

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB0268

Introduced 1/24/2025, by Sen. Michael E. Hastings 

SYNOPSIS AS INTRODUCED:

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

 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.

LRB104 08773 BAB 18827 b

A BILL FOR

SB0268LRB104 08773 BAB 18827 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the Genera