Pritzker indicates he’ll sign new insurance regulations

By Jim Talamonti | The Center Square
The Center Square

(The Center Square) – Gov. J.B. Pritzker is expected to sign two bills headed to his desk that give the state power over auto and home insurance rates.

“I look forward to signing these common-sense protections into law,” the governor said in a statement released on Wednesday night.

The Illinois House passed Senate Bill 714 to regulate the auto insurance industry and House Bill 4273 to regulate property insurance.

State Rep. Thaddeus Jones, D-Calumet City, said SB 714 would bring consumer protection and affordability to residents.

“We want to make sure that the auto industry comes into compliance with the Department of Insurance. We want to make sure that rate review happens,” Jones said.

Secretary of State Alexi Giannoulias campaigned aggressively in favor of the legislation and held eight virtual town hall events last year targeted at urban areas around the state.

“We’re going to treat this like a political campaign,” Giannoulias said when he announced his “Driving Change” initiative last July.

State Rep. Jeff Keicher, R-Sycamore, said Giannoulias could lower rates now by applying license renewal tests to people who have had tickets or accidents.

“The secretary of state has this within his power, yet he wants this as quill in his hat so he can run for another office,” Keicher said.

Giannoulias is rumored to be considering a run for mayor of Chicago next year.

Keicher said SB 714 would cause uncertainty and drive insurance rates up. He said auto insurance rates decreased in the first half of 2025 while national numbers were still increasing.

“The market is working in the state of Illinois,” the Sycamore Republican said.

Keicher cited U.S. News & World Report ranking Illinois sixth-lowest in the nation for auto insurance rates.

Jones sponsored HB 4273 to regulate property insurance.

“This is a great bill for affordability for our consumers. This has been negotiated as perfectly as we could with the industry, adding their language to this bill,” Jones said.

The Illinois Insurance Association, the American Property Casualty Insurance Association and the National Association of Mutual Insurance Companies issued a joint statement in response to the passage of SB 714 and HB 4273.

“Proponents of the measure claim the bills will protect consumers from rising insurance costs, but in reality, the bills do nothing to address the factors contributing to higher premiums, such as higher repair costs, more severe weather, and legal system abuse,” the statement said.

The industry groups said Illinois residents would likely experience higher costs and fewer options for coverage.