SPRINGFIELD — To increase transparency and limit excessive rate hikes, State Senator Michael E. Hastings introduced legislation aimed to reduce the financial burden of rising homeowners and auto insurance premiums.

"Illinois families are facing unfair and sudden premium increases with little warning,” said Hastings (D-Frankfort). “These measures will ensure insurance companies are transparent about rate changes and prevent unjustified hikes.”

Senate Bill 268 would create the Insurance Rate Fairness and Consumer Protection Act. The measure looks to require insurance companies to seek approval from the Illinois Department of Insurance for any rate increases, with a cap of 15% per year unless justified. Further, non-relevant factors such as credit scores and occupation could no longer be used to set premiums.

Senate Bill 269 would create the Insurance Rate Transparency Act and require home and auto insurers to disclose year-over-year premium changes on their websites and in renewal notices, providing clear explanations for rate increases.

Hastings is committed to ensuring Illinois families are not burdened by unpredictable insurance costs and plans to work over the coming months to pass the legislation.