State Sen. Jacqueline Collins will introduce legislation during the fall veto session to give the Illinois Department of Insurance more power over how much insurers can charge. According to Collins, the idea is give the department the authority to mandate refunds when premiums are too high and prohibit the use of “discriminatory” non-driving characteristics in setting prices
““discriminatory” non-driving characteristics in setting prices” The correlation between low credit scores and high accident rates is so close it ought to be called causation. Regardless, if this bill passes, it is the beginning of the end for IL as being a massive insurance friendly state for employment and HQ’s. I’m hoping this is more of a corrupt shakedown for campaign contributions than an actual government attempt to impose progressive values on insurance companies. But if this is really an attempt to reform the perfectly functioning auto insurance industry because they ‘make too much profit’ then, it’s all over. The… Read more »
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
““discriminatory” non-driving characteristics in setting prices” The correlation between low credit scores and high accident rates is so close it ought to be called causation. Regardless, if this bill passes, it is the beginning of the end for IL as being a massive insurance friendly state for employment and HQ’s. I’m hoping this is more of a corrupt shakedown for campaign contributions than an actual government attempt to impose progressive values on insurance companies. But if this is really an attempt to reform the perfectly functioning auto insurance industry because they ‘make too much profit’ then, it’s all over. The… Read more »