State Rep. Will Guzzardi, D-Chicago, introduced House Bill 4767, which would force insurance companies to apply for state approval to change rates. According to Illinois Secretary of State Alexei Giannoulias, the measure would give the Department of Insurance broad authority to regulate rate hikes.
They really want their socialist utopia. Bunch of disgusting fascists.
Wyatt Earp
2 years ago
The demoncrats continue to destroy Illinois with their mirth and girth of stupidity
Tubal-Caine
2 years ago
Fifty years ago the IL Sec of State conducted a survey from the auto insurers and published the results in a neat little pamphlet for the public. I believe that this infuriated the insurers as this survey was never repeated. Competition is good for the consumer.
Robert L. Peters
2 years ago
So lower risk zip codes will have their rates increased to offset the higher risk zip codes. And what about type of vehicle, will a Ferrari have the same rates as a Yugo. Amazing how little our politicians understand about how businesses operate.
The bill include a fee on total earned premium, but doesn’t specify premiums only on Illinois insurance holders. State Farm reported earned premium of $87.6 billion last year. Is the state attempting a backdoor income tax on insurance carriers?
Fees. All insurers subject to the provisions of this Section shall be assessed a fee of 0.05% of their total earned premium from the prior calendar year. The fee shall be payable to the Department no later than July 1 of each calendar year and shall be used by the Department to implement the provisions of this Section.
State Farm just left +70,000 CA home policy holders to fend for themselves. That can easily happen in IL with auto insurance.
And if it is ‘a back door tax increase’, we know who will really pay – IL citizens with auto’s. Completely fits the Leftist Democrat agenda of forcing cars of all kinds to be less and less affordable.
Last edited 2 years ago by JackBolly
P T Bombast
2 years ago
Another way to crash the economy … by forcing institutions that work quite well to do contortions on their way to bankruptcy. The destruction of the whole one part at a time.
David F
2 years ago
How many insurance companies will just stop selling car insurance in the state?
Yep – all of them. It is stupid and oh my, if it actually were to happen, can you imagine the DEI impacts on insurance rates and how the tax payer would subsidize those under-served communities…oh, this has disaster written all over it.
Dave Hardy
2 years ago
So ridiculous! How many uninsured illegal alien drivers are out there?
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.
They really want their socialist utopia. Bunch of disgusting fascists.
The demoncrats continue to destroy Illinois with their mirth and girth of stupidity
Fifty years ago the IL Sec of State conducted a survey from the auto insurers and published the results in a neat little pamphlet for the public. I believe that this infuriated the insurers as this survey was never repeated. Competition is good for the consumer.
So lower risk zip codes will have their rates increased to offset the higher risk zip codes. And what about type of vehicle, will a Ferrari have the same rates as a Yugo. Amazing how little our politicians understand about how businesses operate.
And like everything else these so called politicians touch and get involved in they will screw it up.
All about the dollar in THEIR pockets!
The bill include a fee on total earned premium, but doesn’t specify premiums only on Illinois insurance holders. State Farm reported earned premium of $87.6 billion last year. Is the state attempting a backdoor income tax on insurance carriers?
State Farm just left +70,000 CA home policy holders to fend for themselves. That can easily happen in IL with auto insurance.
And if it is ‘a back door tax increase’, we know who will really pay – IL citizens with auto’s. Completely fits the Leftist Democrat agenda of forcing cars of all kinds to be less and less affordable.
Another way to crash the economy … by forcing institutions that work quite well to do contortions on their way to bankruptcy. The destruction of the whole one part at a time.
How many insurance companies will just stop selling car insurance in the state?
Yep – all of them. It is stupid and oh my, if it actually were to happen, can you imagine the DEI impacts on insurance rates and how the tax payer would subsidize those under-served communities…oh, this has disaster written all over it.
So ridiculous! How many uninsured illegal alien drivers are out there?
That’s the real reason for this proposal – illegals and the mayhem they are creating on IL roads.
I suspect Pritzker and the Leftist Democrats answer will be for taxpayers to cover illegal aliens.
Look at the border for the answer……and obiden