INSURANCE RATE TRANSPARENCY Senate SponsorsSen. Michael E. Hastings-Mike Porfirio-Meg Loughran Cappel-Mike Simmons-Patrick J. Joyce and Paul Faraci 1/24/2025SenateReferred to Assignments 215 ILCS 5/Art. XLVIII heading new215 ILCS 5/1801 new215 ILCS 5/1805 new215 ILCS 5/1810 new215 ILCS 5/1815 new215 ILCS 5/1820 new215 ILCS 5/1825 newCreates the Insurance Rate Transparency Law as an Article of the Illinois Insurance Code. Provides that, beginning January 1, 2026, each insurer offering automobile and homeowners insurance policies in Illinois shall maintain a publicly accessible website displaying a summary of the annual percentage increase or decrease in premium rates for homeowners insurance policies and automobile insurance policies. Requires the website to display the rate-change data for the previous 5 years, updated annually by no later than January 31 of each year, and specified other data. Sets forth provisions concerning the format of the renewal notice; enforcement of the requirements by the Department of Insurance; penalties; and rulemaking. Effective immediately. 1/24/2025SenateFiled with Secretary by Sen. Michael E. Hastings 1/24/2025SenateFirst Reading 1/24/2025SenateReferred to Assignments 1/29/2025SenateAdded as Chief Co-Sponsor Sen. Mike Porfirio 1/29/2025SenateAdded as Chief Co-Sponsor Sen. Meg Loughran Cappel 1/29/2025SenateAdded as Chief Co-Sponsor Sen. Mike Simmons 2/4/2025SenateAdded as Chief Co-Sponsor Sen. Patrick J. Joyce 2/26/2025SenateAdded as Co-Sponsor Sen. Paul Faraci