Pritzker signs bills allowing state to review insurance rate hikes

Illinois Gov. JB Pritzker signed legislation Tuesday giving the Illinois Department of Insurance authority to review and approve rate changes for homeowners and auto policies. The laws, effective July 1, 2027, bar excessive, inadequate or unfairly discriminatory rates and prohibit shifting out-of-state losses onto Illinois consumers. Homeowners rate hikes above 10% require 60 days' notice; auto hikes above 10% require 30 days.