IL SB0268

Requires insurers to obtain prior written approval from the Department of Insurance before implementing any rate increases for homeowners or automobile insurance premiums, with a 60-day review period and automatic denial if no determination is made

Prohibits using nondriving factors such as credit score, occupation, and education level to determine automobile insurance premiums, and restricts homeowners insurance rate-setting to factors related only to the property's location, age, and condition

Limits annual premium increases to 15% per policyholder unless the insurer provides exceptional justification such as increased claims from natural disasters, regulatory changes, or unforeseen market shifts

Mandates public notice and a 30-day comment period for any proposed rate increase exceeding 10% in a 12-month period, with the Department required to consider public feedback

Establishes penalties including fines up to $1,000,000 for repeated noncompliance, mandatory reimbursement of overpaid premiums plus 25-30% penalties to affected policyholders, and potential license suspension for up to 12 months