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Illinois-Rate Review Law

  • Illinois has no prior approval or any authority to approve, deny, or modify individual market rates.
  • Illinois requires insurers to attach premium rates for each policy to policy forms, and submit the forms for approval to the Division of Insurance before the policy is issued. The rates and rate revisions are filed “as information” under Illinois law for the purpose of “tracking” rates in the individual market.
  • Insurers may file an actuarial memorandum supporting their rates increases.
  • For HMO plans, insurers must file all rates and rate increases with the Division of Insurance prior to the effective date of the increase. The Division may request actuarial documentation in support of the rate increases. The rates are considered public documents, but the actuarial documentation is deemed confidential and proprietary information. ILL. ADMIN. CODE tit. 50, § 5421.60. HMOs also must submit any changes in rating methods to the Division. ILL. REV. STAT. ch. 215, para. 125/4-12.
  • Rate filings are not publicly available on the state’s websites. The Division of Insurance has published a list of rate increases since 2005 for all carriers. More information is available in the state’s application for a federal premium review grant at http://www.insurance.illinois.gov/hiric/topical.asp#premiums.

Information is based on review of state statutes and regulations and in some case, interviews with state insurance departments.