SB 0714: REGULATION-TECH

Summary

Amends the Illinois Insurance Code. In provisions concerning the notice of intention not to renew a policy of insurance, provides that no company may impose renewal premium increases of more than 10% for policies of automobile insurance that are subject to certain cancellation requirements, unless the company mails or delivers by electronic means to the named insured notice of the increase in renewal premium at least 30 days before the policy renewal or anniversary date. Changes the number of hours required for the National Safety Council's Defensive Driving Course's classroom safety instruction program from 8 hours to 4 hours in provisions concerning insurance premium reductions. Creates the Rates for Automobile Insurance Article. Provides that the Article applies to specified policies of automobile insurance and filings made on or after July 1, 2027. Provides that rates shall not be excessive, inadequate, or unfairly discriminatory, as described. Sets forth provisions concerning determinations by the Department of Insurance that a filing is excessive, inadequate, or unfairly discriminatory and provisions prohibiting cost-shifting. Effective July 1, 2027.

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Aug 4, 2026

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