Creates the Insurance Rate Transparency Law as an Article of the Illinois Insurance Code. Provides that, beginning January 1, 2026, each insurer offering automobile and homeowners insurance policies in Illinois shall maintain a publicly accessible website displaying a summary of the annual percentage increase or decrease in premium rates for homeowners insurance policies and automobile insurance policies. Requires the website to display the rate-change data for the previous 5 years, updated annually by no later than January 31 of each year, and specified other data. Sets forth provisions concerning the format of the renewal notice; enforcement of the requirements by the Department of Insurance; penalties; and rulemaking. Effective immediately.

Statutes affected:
Introduced: 215 ILCS 5/1801, 215 ILCS 5/1805, 215 ILCS 5/1810, 215 ILCS 5/1815, 215 ILCS 5/1820, 215 ILCS 5/1825