In a joint statement, the National Association of Mutual Insurance Companies, American Property Casualty Insurance Association, and the Illinois Insurance Association reported that "the bill claims to seek insurance accountability and fairness. Yet, if insurers are unable to utilize risk factors when determining rates, it will lead to a one-size-fits-all approach to pricing, eliminating competition in the marketplace, and ultimately driving prices up for all consumers." (Photo of Springfield, Illinois by Henryk Sadura/Shutterstock )
The Illinois legislature is considering a proposal that would restrict auto insurance underwriting and rating practices that use nondriving factors, such as credit scores, and increase the Illinois Department of Insurance's ability to reject or modify rate increases.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
