Hb 3799 Voted Down, Illinois Insurance Consumers And Businesses Spared Higher Insurance Costs

The following information was released by the National Association of Mutual Insurance Companies (NAMIC):

The National Association of Mutual Insurance Companies (NAMIC), the Illinois Insurance Association (IIA), and the American Property Casualty Insurance Association (APCIA) released the following statement in response to HB 3799 otherwise known as the rate regulation bill.

Illinois consumers will be spared needless cost increases with the failure of HB 3799, an unprecedented bill that would have put the government in charge of setting insurance rates, effectively creating an extreme prior-approval system found nowhere else in the country.

Lawmakers listened to the facts and recognized that HB 3799 would have led to higher premiums, fewer choices, and greater instability. Todays vote keeps Illinois insurance market competitive, affordable, and open for business.

Illinois insurance market is among the most competitive in the nation, with more than 200 companies offering coverage and auto rates well below the national average. Research shows that premiums in prior-approval states are about 20 percent more than in states like Illinois.

Todays vote means Illinois families wont see higher costs caused by unnecessary regulation. And it sends a strong message that lawmakers value affordability and choice over bureaucracy and red tape.

Amid rising costs from extreme weather, increasing labor and replacement materials costs, and frivolous litigation, the insurance industry stands ready to work with Illinois elected officials to reduce the risks facing our homes and communities.

The post HB 3799 VOTED DOWN, ILLINOIS INSURANCE CONSUMERS AND BUSINESSES SPARED HIGHER INSURANCE COSTS appeared first on Insurance News | InsuranceNewsNet.