2017 Illinois Legislative, Regulatory Outlook for Property-Casualty Insurers

WASHINGTON, Jan. 12 -- The American Insurance Association issued the following news release:

The American Insurance Association (AIA) issued the following legislative and regulatory outlook for property-casualty insurers in Illinois. With the start of the state's 2017 legislative session, AIA staff is available to help reporters recap and break down important policy issues.

A statement from Steve Schneider, AIA's vice president for state affairs, Midwest region, follows:

"Looking at Illinois for 2017, we see several key challenges on the horizon which will affect property-casualty insurers and their policyholders in the state.

Most notable is the ongoing debate over reforming the state's workers' compensation system. Hostile forces in the Democrat led House of Representatives twice passed legislation last session that would impose government price controls on insurers' workers' compensation premiums (HB 1287 and SB 2901). These measures threaten the most competitive workers' compensation market in the country, hurting Illinois businesses in the end. AIA is committed to working with the governor and legislature on an effective reform package lowering workers' compensation medical costs by limiting prescription drug usage and costs, enacting a Medicare based medical fee schedule and increasing disclosure requirements for lawyers and medical providers profiting from the workers' compensation system.

Second is the importance of restoring former law that would allow large commercial accounts to purchase their insurance products, exempt from form filing requirements, from insurers admitted to do business in Illinois. In 2016, SB 3072, which accomplishes this objective, passed the Senate unanimously at our urging but was held in the House Rules Committee. We'll be striving hard this year to restart this important commercial lines' modernization legislation

Finally, AIA remains steadfastly committed to the implementation of automobile insurance verification legislation, as endorsed by the Illinois Secretary of State's Uninsured Motorist Verification Committee that would establish a web based system for insurance verification based upon the model plan of the Insurance Industry Committee on Motor Vehicle Administration (IICMVA)."

Celebrating its 150th year in 2016, The American Insurance Association (AIA) is the leading property-casualty insurance trade organization, representing approximately 320 insurers that write more than $125 billion in premiums each year. AIA member companies offer all types of property - casualty insurance, including personal and commercial auto insurance, commercial property and liability coverage, specialty, workers' compensation, homeowners' insurance, medical malpractice coverage, and product liability insurance.

[Category: Insurance]

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