Gov.
JB Pritzker (D.Ill.) signed a new law giving state regulators more power to review and challenge insurance rate increases, aiming to protect residents from excessive premiums and unfair pricing practices.
Pritzker Pushes Insurance Rate Transparency Law On Tuesday, Pritzker signed HB 4273 and SB 714 into law, introducing reforms aimed at increasing transparency, fairness and accountability in Illinois’ home and auto insurance markets.
In a post on X, Pritzker said, "Families deserve fairness from even the most powerful corporations." He added, "During a nationwide affordability crisis, Illinoisans have demanded answers, transparency, and relief to help them make ends meet.
We are responding in Illinois." In a video shared alongside the post, Pritzker said the law requires insurers to file rate information with the Illinois Department of Insurance, allowing regulators to review and challenge increases they deem excessive.
