Bill > SB0024

This bill introduces new regulations for homeowners, renters, and motor vehicle insurance rates in Indiana, effective July 1, 2025. The legislation limits insurance providers to raising rates no more than 10% in a single year and requires insurers to submit detailed justifications for any proposed rate increases to the state insurance commissioner. When reviewing rate increase requests, the commissioner must evaluate multiple factors including changes in risk assessment, market conditions, the insurer's claims history, combined ratio (a measure of an insurance company's profitability), and inflation. If the commissioner determines that a proposed rate increase is primarily aimed at maximizing profits or is otherwise unjustifiable, they have the authority to deny the request. The bill specifically applies to property and liability insurance for individual homeowners, renters, and personal motor vehicle owners, providing consumer protection against potentially excessive insurance premium hikes.

Business and Industry

https://iga.in.gov/legislative/2025/bills/senate/24/details