Senate Bill 1022 Summary

• Amends the Insurance Code of 1956 to modify rate-setting requirements for automobile insurance by requiring consideration of the percentage of uninsured drivers in the state when determining if rates are excessive, inadequate, or unfairly discriminatory.

• Eliminates the requirement that a reasonable degree of competition exist before automobile insurance rates can be deemed excessive, while maintaining this requirement for all other types of insurance.

• Applies identical rate-setting modifications to both Section 2403 (general insurance rates) and Section 2604 (fire insurance rates and other coverages).

• Bill is contingent on enactment of Senate Bills 1020, 1024, and 1028 of the 95th Legislature and does not take effect unless all three companion bills are enacted.