Illinois: Urge Your Legislator to Vote NO on HB 4273 and SB 714 to Keep Insurance Affordable

To: Illinois Carriers, Agents, and Policyholders

Deadline: Close of Business May 22

Action: Ask Your Legislators to Vote “NO” on HB 4273 and SB 714

HB 4273 and SB 714 hurts Illinois consumers. The bills would raise premiums, reduce competition, and destabilize a market that has served families well for decades. No state in the nation has a prior approval system in place like what HB 4273 and SB 714 are proposing. This new system could cause homeowners and auto premiums to increase by approximately 20 percent or $230 on average.

Why jeopardize one of the most affordable auto insurance markets in the country with policies that risk driving up costs and reducing consumer choice? When uninsured drivers remain a growing concern, the last thing Illinois needs is legislation that could reduce market competition and limit coverage availability.

Why HB 4273 and SB 714 are harmful:

• Creates uncertainty by allowing the Illinois Department of Insurance to revisit and overturn past rate approvals, calling previously accepted rates “excessive” long after the fact.
• Provides no timelines or due-process protections for insurers that request a hearing, opening the door to indefinite delays and inconsistent enforcement.
• Gives the department broad, undefined authority to decide what qualifies as an “excessive” rate, without objective standards to guide those decisions.
• Allows the department to mandate retroactive refunds based solely on its own reinterpretation of rates that were already approved, exposing carriers to unpredictable costs.

Illinois cannot afford to mirror California’s broken system, where fewer insurance companies mean higher premiums and fewer choices for consumers.

Click Here to Contact Your Legislators Today and Urge Them to Vote “NO” on HB 4273 and SB 714