Giannoulias Highlights Auto Insurance Reform Bill into Law

Illinois Secretary of State Alexi Giannoulias is backing an auto insurance reform bill now awaiting Governor J.B. Pritzker’s signature. Giannoulias says the measure would give state regulators power to review and challenge excessive rate hikes. It would also require insurance companies to give drivers at least 30 days’ notice before raising renewal premiums by more than 10 percent. Supporters say the bill is designed to stop rates that don’t reflect actual driving risk and prevent insurers from passing out-of-state disaster losses on to Illinois policyholders. The proposal comes as many drivers continue to face rising insurance costs.