Illinois lawmakers pass bills curbing insurance rate hikes – Crain’s

“In reality, the bills do nothing to address the factors contributing to higher premiums, such as higher repair costs, more severe weather, and legal system abuse,” the lobbying groups said in a statement. “Instead, the bills implement a fundamental shift in Illinois’ regulatory environment and move the state towards a more rigid rate-approval system similar to struggling insurance markets like California. This shift will make it harder for insurers to respond in real-time to market conditions and adjust rates up or down based on actual claims experience.”