Bill > SB0269

This bill creates the Insurance Rate Transparency Law, which requires insurance companies offering automobile and homeowners insurance in Illinois to provide clear, detailed information about their premium rate changes. Beginning January 1, 2026, insurers must maintain a publicly accessible website that displays a summary of annual percentage increases or decreases in premium rates for the previous 5 years, updated annually by January 31. The website must include the average statewide rate changes, a breakdown between automobile and homeowners insurance, and an explanation of the primary factors driving these changes. Additionally, insurers must include this 5-year rate-change summary in all mailed renewal notices, using at least 14-point font and presenting the information on a dedicated website page titled "Important Rate Information". The bill mandates that the renewal notice include a QR code linking directly to the online rate history and provide downloadable detailed reports. To ensure compliance, the Department of Insurance will conduct periodic audits and can impose significant penalties for violations, including fines of $25,000 per month for incomplete or missing information and potential suspension of an insurer's license to issue new policies in Illinois. The goal of this legislation is to increase transparency in the insurance market and empower consumers to make more informed decisions about their insurance policies.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=269&GAID=18&DocTypeID=SB&SessionID=114&GA=104