Amends the Illinois Insurance Code. Provides that specified notices of cancellation of insurance must be mailed at least 30 days prior to the effective date of cancellation to the named insured if the effective date of cancellation is within the first 60 days of coverage. Provides that, after the coverage has been effective for 61 days or more, all notices must be mailed at least 60 days prior to the effective date of cancellation. Makes conforming changes. Creates the Climate Risk Disclosure Article. Provides that the Article applies to all companies licensed in Illinois under Classes 2 and 3 that write $100,000,000 or more annually in premiums. Allows the monetary threshold to be altered by rule. Requires all insurers subject to the Article to, upon direction from the Department of Insurance, participate in National Association of Insurance Commissioners issued climate surveys and Department issued climate surveys.
House Committee Amendment No. 1: Replaces everything after the enacting clause with the provisions of the introduced bill with the following changes: Provides that a data call does not need a warrant or a final report. Imposes penalties for failure to comply with a data call or a specified written order. Provides that the Director of Insurance may issue a data call to any company to collect any information within that company or its affiliate's control. Exempts the information provided through a data call from disclosure in a civil action and treats the information as confidential and privileged information that cannot be waived as a result of responding to the data call. Provides that the penalty imposed upon a company that or person who violates or aids and abets any violation of a written order under specified provisions of the Code shall be paid into the Insurance Producer Administration Fund.
House Floor Amendment No. 2: Removes language requiring certain insurers to participate in Department of Insurance-issued climate surveys.
Senate Floor Amendment No. 2: Replaces everything after the enacting clause. Amends the Illinois Insurance Code. In provisions regarding the notice of intention not to renew a policy of insurance, provides that no company may impose renewal premium increases of more than 10% for policies of fire and extended coverage insurance that are subject to certain cancellation requirements, unless the company mails or delivers by electronic means to the named insured and the Department of Insurance notice of the increase in renewal premium at least 60 days before the policy renewal or anniversary date. Creates the Rates for Fire and Extended Coverage Insurance Article. Contains provisions concerning the purpose and applicability of the Article. Prohibits rates from being excessive, inadequate, or unfairly discriminatory, as specified. Sets forth provisions concerning determinations and notice from the Department and hearings on the notice. Provides that credible State-specific loss experience shall be used in the development of rates whenever that data is available and statistically reliable. Authorizes insurers, in order to meet actuarial standards of credibility, to supplement State-specific loss experience with countrywide, regional, or out-of-state loss experience. Effective January 1, 2027.
Senate Floor Amendment No. 3: Provides that, if the Department of Insurance believes that a filing is excessive, inadequate, or unfairly discriminatory, the Department shall send the affected company notice within 60 days after receipt of a complete filing. Specifies that the Director of Insurance's objection to a filing under the Rates for Fire and Extended Coverage Insurance Article of the Code is subject to judicial review under the Administrative Review Law.

Statutes affected:
Introduced: 215 ILCS 5/143, 215 ILCS 5/1801, 215 ILCS 5/1805, 215 ILCS 5/1810, 215 ILCS 5/1815
Engrossed: 215 ILCS 5/132, 215 ILCS 5/143, 215 ILCS 5/1801, 215 ILCS 5/1805, 215 ILCS 5/1810, 215 ILCS 5/1815