Governor JB Pritzker signed two bills into law today to regulate rate increases for home and auto insurance.
Capitol News Illinois reports the laws give the Department of Insurance the ability to determine if a rate is excessive, inadequate, or unfairly discriminatory.
It also prohibits insurance companies from raising a consumer’s premium by more than ten percent without notifying them. Auto insurers must give at least 30 days’ notice while home insurers must give at least 60.
The laws go into effect July 1st, 2027.
