Rate Regulations will Lead to Higher Auto Insurance Premiums for Illinois
IIA of IL CEO
“The proposed additional fees and bureaucratic hearing requirements will also add to insurer expenses which will be passed on to the consumer through higher rates. Restricting rates and limiting underwriting prevents new innovative, insurers from entering Illinois’ competitive marketplace due to significant costs,” said
Company loss ratios are currently high and serve as evidence they are paying out more money than they are taking in with regards to automobile insurance. The Assigned Risk Illinois Automobile Plan (residual market) for auto insurance currently has low enrollment, indicating that
According to Gerger, “IDOI has always done a great job of regulating and fostering competition in the insurance Industry. The Department’s staffing levels are at an all-time low, and they are regulating more with less. It’s a testament to their leadership that they have set the regulating standard across the country with a much smaller staff than most states that are similar in size. IIA of IL’s fear is that this added burden of regulation will create the need for many additional employees with highly skilled education requirements. These employees (actuaries) will be a challenge for the Department to even hire, let alone train and implement this new level of regulation.”
The IIA of IL will release the 2023 Insurance Industry Economic Impact study, conducted by the
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