IL SB1588

Establishes comprehensive regulatory framework for travel insurance in Illinois by creating Article XLVI of the Illinois Insurance Code, effective through January 1, 2027.

Defines travel insurance as coverage for personal risks incident to planned travel, including trip cancellation, baggage loss, medical emergencies, and death during travel, excluding major medical plans for trips lasting 6 months or longer.

Creates licensing system for travel insurance business entities and travel retailers, with travel retailers permitted to offer and disseminate insurance under supervision of a licensed travel insurance business entity without individual insurance licenses.

Requires travel insurance disclosure of material terms, claims process, cancellation procedures, and insurer contact information; prohibits negative option/opt-out enrollment and marketing blanket coverage as free.

Classifies travel insurance as inland marine insurance for filing purposes and grants travel insurance business entities authority to register travel retailers; imposes $500 initial and renewal licensing fees.