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State Leaders Seek More Transparency From Insurance Companies
ILLINOIS, JUL 30 – Illinois officials call for legislation to ban non-driving factors in insurance rates after State Farm raised homeowners premiums by 27.2%, citing lack of transparency from the company.
- On Wednesday, Gov. J.B. Pritzker, House Speaker Chris Welch and Senate President Don Harmon wrote a letter to the Chicago Tribune criticizing State Farm’s lack of transparency over home-insurance rate hikes.
- Illinois officials say regulators and consumers face a transparency problem, with insurance companies withholding data and bills to ban non-driving factors gaining little traction in Springfield.
- The company said it raised premiums by 27.2% this month for Illinois homeowners, citing severe weather claims but not providing loss data to the Illinois Department of Insurance.
- Giannoulias said the end goal is legislation ensuring fairness and transparency in ratemaking, with his office hosting town halls and a website for consumer stories to push for regulatory reforms.
- The General Assembly reconvenes in October with leaders suggesting increased oversight of rate hikes and banning non-driving factors, including driving records.
11 Articles
11 Articles
State leaders seek more transparency from insurance companies - IPM Newsroom
Illinois Newsroom - Illinois leaders remain frustrated by State Farm’s rate hikes on Illinois homeowners and threatened more state regulation over premium increases in a letter to the editor published Wednesday in the Chicago Tribune. The post State leaders seek more transparency from insurance companies appeared first on IPM Newsroom.
Pritzker, Welch and Harmon: Homeowners deserve transparency from State Farm, not unexplained rate hikes – Chicago Tribune*
"Illinois is the only state where the state government does not have any ability to prevent indiscriminate rate hikes. Special interests in Springfield have lobbied for years to keep it this way. Momentum was already building for Illinois to change this policy and join the rest of the nation even before State Farm’s rate hike. The company’s actions now have pushed this commonsense consumer protection into the spotlight for the General Assembly’s…
State leaders seek more transparency from insurance companies - Chronicle Media
Insurance companies operating in Illinois have a transparency problem with state regulators and consumers, four top state officials alleged. Illinois leaders remain frustrated by State Farm’s rate hikes on homeowners and threatened more state regulation over premium increases in a letter to the editor published July 30 in the Chicago Tribune. At the same time,... The post State leaders seek more transparency from insurance companies appeared fir…
State leaders seek more transparency from insurance companies - Mahomet Daily
by Ben Szalinski, Capitol News Illinois July 30, 2025 Article Summary Secretary of State Alexi Giannoulias is calling on Illinois lawmakers to pass legislation banning auto insurance companies from considering non-driving factors when setting a person’s premium. Insurance industry groups say considering non-driving factors helps keep insurance costs lower in Illinois compared to other states. Gov. JB Pritzker and General Assembly leaders are a…
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