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WeVote Research Nonpartisan
Bill Summary · SB 24

Legislative bill overview

SB 24 proposes to regulate how much insurance premiums can increase in Indiana. The bill, sponsored by Senators Jim Tomes and Blake Doriot, would establish limitations on annual premium rate hikes for insurance policies. The specific mechanics and percentage caps are not detailed in the current action history provided.

Why is this important

Insurance premium increases directly affect household budgets and business operating costs across Indiana. Unregulated premium growth can price consumers out of coverage or create financial hardship, making rate regulation a significant consumer protection issue. Conversely, strict caps could affect insurer profitability and market participation in the state.

Potential points of contention

  • Rate-setting authority balance: Determining whether regulatory caps should be rigid percentages or allow flexibility for actuarial justification and risk assessment
  • Market competitiveness: Whether caps might discourage insurers from operating in Indiana or limit consumer choice if companies exit the market
  • Coverage availability vs. affordability tradeoff: Risk that strict caps could reduce insurers' willingness to cover higher-risk populations, potentially shrinking coverage options despite lower rates

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

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