SPRINGFIELD, Ill. (WTVO) — The Illinois Legislature has passed a bill that grants regulators oversight over auto insurance rates for the first time.
This measure would require insurance companies to provide a 30-day notice before increasing premiums by more than 10%.
The legislation aims to bring new regulation to the auto insurance industry, giving the Illinois Department of Insurance the authority to review rate filings.
The department would be able to challenge increases deemed excessive or unjustified, and it would also have the power to require rebates when policyholders are overcharged.
The bill also includes provisions to protect Illinois drivers from being forced to subsidize disaster losses that occur in other states.
Additionally, the measure expands access to discounts specifically for older drivers.
The bill is currently awaiting the signature of Gov. Pritzker.
If signed into law, the legislation is set to go into effect in July 2027.
All facts in this report were gathered by journalists employed by WTVO. Artificial intelligence tools were used to reformat information into a news article for our website. This report was edited and fact-checked by WTVO staff before being published.
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