Bill > HB5619

This bill amends the Illinois Insurance Code to create a new article specifically for fire and extended coverage insurance policies, aiming to protect policyholders from excessive, inadequate, or unfairly discriminatory rates while promoting competition among insurers. It outlines that rates must be reasonable and reflect the expected costs of insurance, and it establishes different filing requirements for insurers depending on whether the market is deemed competitive or noncompetitive. A competitive market is generally presumed unless the Director of Insurance, after a hearing, determines otherwise, and this determination can be reviewed by a court. The bill also specifies certain types of policies that are exempt from these new regulations, such as commercial liability and property insurance, and policies for unoccupied structures or those part of a farm policy. The Director is tasked with monitoring market competition and the availability of insurance, and the new rules will take effect on January 1, 2028.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5619&GAID=18&DocTypeID=HB&SessionID=114&GA=104