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SB 2699

INS-RENEWAL PREMIUM INCREASE

104th Regular Session Introduced by Meg Loughran Cappel and 1 co-sponsor

SB 2699 regulates how much Illinois insurance companies can increase premiums when policies renew, affecting consumer costs and insurer pricing practices.

Added as Co-Sponsor Sen. Meg Loughran Cappel
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WeVote Research Nonpartisan
Bill Summary · SB 2699

Legislative bill overview

SB 2699 appears to address insurance renewal premium increases in Illinois, though the bill's specific provisions are not detailed in the filing information provided. Based on the title alone, this legislation likely establishes parameters, limitations, or procedural requirements around how much insurance companies can raise premiums when policies renew.

Why is this important

Insurance renewal rates directly affect household budgets and consumer access to coverage. Uncontrolled premium increases can price consumers out of the insurance market or force difficult financial choices. This bill potentially protects consumers from dramatic rate hikes while balancing insurers' need for adequate pricing to cover claims and operations.

Potential points of contention

  • Rate-setting authority: Whether caps or restrictions on renewal increases should be set by legislation or left to the Department of Insurance through regulatory authority
  • Insurance market impact: Concerns that premium restrictions could reduce insurer participation in the Illinois market or increase costs for low-risk policyholders
  • Type of insurance covered: Whether limits apply equally to auto, home, health, and other insurance products, which have different actuarial foundations

Compiled from official sources — confirm details with the bill’s official record.

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