(CAPITOL CITY NOW) – A long fight for accountability and transparency from Big Insurance culminated in Tuesday’s bill signing by Gov. JB Pritzker.
State Sen. Mike Hastings (D-Frankfort) praised the legislation. “It requires advance notice before large rate increases,” said Hastings, “prohibits excessive or unfairly discriminatory rates, and it requires insurers to use Illinois-specific data. Storms are going to continue to hit Illinois, but after the winds die down, families should not face unexplained rate hikes with no independent review. Damage from a storm is real, and using every storm as a blank check to raise rates with no justification is not.”
“For too long, Illinois drivers have been at the mercy of insurance companies – forced to accept steep insurance rate increases with virtually no oversight and no recourse,” said Illinois Secretary of State Alexi Giannoulias. “Today, we level the playing field for consumers. This law puts consumers first by giving Illinois the authority to challenge excessive rate hikes – increasing transparency in the insurance marketplace and ensuring drivers are no longer left paying the price.”
Giannoulias said the new law is a victory for highway safety, as auto insurance, he said, is priced so far out of reach that some people drive without it.
