Bill > HB5138

This bill requires the Illinois Director of Insurance to investigate insurance companies to ensure they are not setting excessive, inadequate, or unfairly discriminatory rates for affordable housing developments, which are defined as residential buildings with units required to be affordable by law or agreement. The Director will examine if different rates are applied without reflecting actual differences in expected losses and expenses, and specifically check if owners of affordable housing developments are charged unfairly compared to similar market-rate housing. Furthermore, the bill mandates that by October 1st each year, the Director must submit a report to the Governor and General Assembly, which will be publicly posted, detailing aggregated statistics on the housing insurance market for the previous calendar year, including premium levels, coverage availability, deductibles, exclusions, claims data, and risk mitigation efforts for multifamily residential buildings, particularly those owned by nonprofit or mission-driven entities. This report will analyze market stress and will exclude trade secrets or sensitive commercial information, with the Department of Insurance consulting with excess line and Illinois property insurance underwriting associations to ensure data is collected without identifying individual policyholders. The Department is also granted authority to create rules, align data standards with national and other state insurance regulators, minimize the impact on small insurers, and ensure data accuracy.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5138&GAID=18&DocTypeID=HB&SessionID=114&GA=104