Substitute House Bill No. 6897, also known as Public Act No. 25-86, amends the existing law regarding personal risk insurance rate filings by extending the sunset date for these filings. Specifically, the bill repeals the current sunset date of July 1, 2025, and replaces it with a new date of July 1, 2030. This change allows insurers to continue filing rates with the Insurance Commissioner under the same conditions that have been in place since July 1, 2006.

Under the amended law, insurers can file a rate that takes effect immediately upon filing, provided that the overall state-wide rate change does not exceed six percent in the aggregate and does not exceed a fifteen percent increase in any individual territory for all coverages subject to the filing. The bill maintains the existing limitations on the number of filings an insurer can make within a twelve-month period, ensuring that the overall rate changes remain within the specified thresholds.