Bill > SB2472

This bill amends the Illinois Insurance Code to modify notice requirements for insurance policy cancellations and introduce new climate risk disclosure regulations. The bill extends cancellation notice periods, requiring insurers to mail cancellation notices at least 30 days prior to the effective date for the first 60 days of coverage, and at least 60 days prior for coverage lasting more than 60 days. It creates a new Climate Risk Disclosure Article that applies to insurance companies licensed in Illinois under Classes 2 and 3 that write $100 million or more in annual premiums. The new article requires these insurers to participate in climate surveys issued by the National Association of Insurance Commissioners (NAIC) or the Illinois Department of Insurance when directed. The purpose of this new article is to increase transparency about how insurers manage climate-related risks and provide the Department of Insurance with clear authority to require companies to complete climate-related surveys. The monetary threshold for applicability can be adjusted by rule, allowing flexibility in the regulation's scope. Additionally, the bill ensures that cancellation notices must include specific explanations for the cancellation and allows for electronic notifications to mortgagees or lien holders.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2472&GAID=18&DocTypeID=SB&SessionID=114&GA=104