Triple-I Warns Illinois Senate Bill Would Raise Insurance Costs, Reduce Choice

Insurance group says legislation would limit insurer’s ability to price insurance to reflect costs of coverage.

The Insurance Information Institute (Triple-I) said legislation moving through the Illinois General Assembly would likely make property/casualty insurance less affordable and less available for consumers by constraining insurers’ ability to price risk accurately, without addressing the underlying drivers of rising premiums.

In an issues brief released April 29, the group examined Senate Bill 1486, which would impose additional regulatory requirements on insurers writing auto and homeowners coverage in Illinois. Triple-I said the proposal focuses on insurance pricing rather than the cost drivers pushing premiums