Bill Status of SB1521 98th General Assembly
Short Description: INS CD-EXCESSIVE PREMIUM PAID
Sen. Heather A. Steans
| 1/13/2015||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Insurance Code in the Article concerning workers' compensation and employer's liability rates. Provides that if the application of incorrect classifications, payrolls, or any other factors of a rating system results in the payment by an insured of premiums in excess of the premiums that would have been paid utilizing the correct applications of classifications, payrolls, or other factors of a rating system, the insurer shall pay 5% interest on the excessive premium paid from the date of inception of the workers' compensation policy on which the excessive premium was paid through the date on which the insurer refunds the excessive premium paid. Provides that the Director of Insurance shall have the authority to award the interest. Effective immediately.