Bill Status of SB2698

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SB2698 - 104th General Assembly

INSURANCE RATE FAIRNESS
Last Action
10/14/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Michael E. Hastings and Meg Loughran Cappel
Statutes Amended In Order of Appearance
215 ILCS 5/Art. XLVIII heading new
215 ILCS 5/1801 new
215 ILCS 5/1805 new
215 ILCS 5/1810 new
215 ILCS 5/1815 new
215 ILCS 5/1830 new
215 ILCS 5/1835 new
215 ILCS 5/1840 new
215 ILCS 5/1845 new
Synopsis As Introduced
Amends the Illinois Insurance Code. Creates the Rates Article. Provides that the Article may be cited as the Insurance Rate Fairness and Consumer Protection Law. Sets forth provisions requiring insurers to receive prior approval for rate changes from the Department of Insurance on and after January 1, 2028. Provides that no insurer shall increase premiums by more than 10% per year for any policyholder without exceptional justification. Requires the Department to conduct market conduct examinations of insurers at least once every 3 years to ensure compliance with the Article. Establishes penalty and enforcement provisions for violations of the Article. Provides that the Department may adopt rules necessary to implement and enforce the requirements of the Article. Effective January 1, 2028.
Actions
Date Chamber Action
10/14/2025 Senate Filed with Secretary by Sen. Michael E. Hastings
10/14/2025 Senate First Reading
10/14/2025 Senate Referred to Assignments
10/14/2025 Senate Added as Co-Sponsor Sen. Meg Loughran Cappel