INSURANCE RATE TRANSPARENCY
Sponsored By: Michael E. Hastings (Democratic)
In Committee
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Michael E. Hastings
Democratic • Senate
Cosponsors
Meg Loughran Cappel
Democratic • Senate
Mike Porfirio
Democratic • Senate
Mike Simmons
Democratic • Senate
Patrick J. Joyce
Democratic • Senate
Paul Faraci
Democratic • Senate
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added as Co-Sponsor Sen. Paul Faraci
2/26/2025SenateAdded as Chief Co-Sponsor Sen. Patrick J. Joyce
2/4/2025SenateAdded as Chief Co-Sponsor Sen. Mike Simmons
1/29/2025SenateAdded as Chief Co-Sponsor Sen. Meg Loughran Cappel
1/29/2025SenateAdded as Chief Co-Sponsor Sen. Mike Porfirio
1/29/2025SenateReferred to Assignments
1/24/2025SenateFirst Reading
1/24/2025SenateFiled with Secretary by Sen. Michael E. Hastings
1/24/2025Senate
Bill Text
Introduced
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