The Illinois Secretary of State’s office is pushing for more state regulation of auto insurance rates, but industry advocates say more regulation will result in higher premiums.
State Sen. Ram Villivalam, D-Chicago, says Senate Bill 714 prohibits auto insurance rates from being excessive or discriminatory.
Amy Williams, senior legal advisor at the Illinois Secretary of State’s office, said more than 630,000 Illinoisans per year are driving without auto insurance required by law.
Speaking on behalf of the American Property Casualty Insurance Association, lobbyist Eric Madiar said Illinois auto insurance rates are 18% below the national average.
The Senate passed SB 714 on Wednesday, sending the bill to the Illinois House.
Story from Illinois Radio Network
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