House Sponsors: LANG. Short description: REGULATE INSURANCE RATES Synopsis of Bill as introduced: Amends the Illinois Insurance Code in relation to property and casualty insurance premium rates. Authorizes the Department to review and approve or disapprove premium rates. Requires prior Department approval with respect to an increase or decrease of 5% or more. Specifies financial information to be reported to the Department. Effective January 1, 1998. FISCAL NOTE (Dept. of Insurance) HB298 could cost the Department as much as $4 million a year. HOUSE AMENDMENT NO. 1. Adds reference to: 215 ILCS 5/474.1 from Ch. 73, par. 1065.18-3 215 ILCS 5/478.1 rep. Limits the rate regulation to accident and health insurance. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status