IL HB5619

Creates new Article XLVIII in the Illinois Insurance Code establishing rate standards for fire and extended coverage insurance policies, requiring rates not be excessive, inadequate, or unfairly discriminatory.

Exempts commercial liability and property insurance, rental/leased structures, unoccupied structures intended for sale or under construction, and farm policy dwellings from the new regulations.

Requires insurers to file rates 20 days before effective date in competitive markets and 60 days before effective date in noncompetitive markets, with rates becoming effective after the waiting period unless disapproved by the Director of Insurance.

Establishes that a noncompetitive market exists when the Herfindahl-Hirschman Index remains at 1800 or above over a 3-year period, with competitive markets presumed unless the Director issues an order after a hearing finding otherwise.

Effective January 1, 2028.