IL SB1590

Requires all individual and small group accident and health insurance policies and HMO plans subject to federal standards (45 CFR Part 154) to file rate increases with the Illinois Department of Insurance for approval.

Establishes that the Department must approve or deny rate filings within 45 calendar days of submission, with the ability to extend for up to an additional 30 days with written notice; rates not approved or denied by the deadline are automatically approved on the following calendar day.

Mandates disapproval of unreasonable rate increases (those the Director determines to be excessive, unjustified, or unfairly discriminatory) and inadequate rates (those insufficient to sustain projected losses and expenses or that endanger insurer solvency).

Requires the Department to submit a report to the General Assembly by January 1, 2023 regarding both on and off exchange individual and small group rates in the Illinois market.

Requires the Department to publish on its website within 30 days after federal Centers for Medicare and Medicaid Services certification a report explaining rates for that plan year's certified policies; effective immediately.