Live Insurance News

Insurance news from Illinois includes a grant of $1 million to assist consumers

September 12, 2012September 12, 2012 Julie Campbell

The state has received the funds to help to improve the complaints system regarding industry practices. Illinois is making insurance news now that it has received a grant from the federal government worth $1 million, which will be used to help the state to improve the way that it provides consumers with assistance when they are seeking to file complaints about the way that the industry functions. The announcement was made by Andrew Boron, the director of the Illinois Department of Insurance. When Boron made the announcement, he explained that…

Illinois lawmakers look to abolish free health insurance for retirees

May 4, 2012May 25, 2012 Nordstrom

Bill would have retired state officials pay for their health coverage Illinois legislators are currently debating a bill that would abolish premium-free health insurance for retired state officials. Senate Bill 1313 was approved by the House Executive Committee this week and will continue its legislative journey, which has yet to be met with any significant opposition. The bill would require retired state officials to pay for their health insurance coverage. These retirees would pay for their coverage regardless of how long they have worked for the state. Initiative could solve…

Illinois residents face increased insurance rates for home and auto

April 9, 2012April 30, 2013

Illinois insurance rates on the rise According to the March state filings by a number of insurance companies, some residents of Illinois will soon be receiving the unwelcome news that the coverage that they require for their homes and vehicles will soon be rising. For example, Hanover Insurance has filed a proposal to increase their rates for homeowners’ insurance by an average of 4.9 percent. This rise will go into effect for the renewals on July 11, 2012. Similarly, the filing from Unitrin Preferred Insurance Co., has shown that they…

Illinois legislators revamp the state’s unemployment insurance program to help pay off debt

November 21, 2011May 7, 2013

The Illinois Legislature has passed a new legislation that could save the state millions on unemployment insurance. The legislation is expected to net taxpayers’ savings of approximately $240 million and the state another $1.6 billion in federal taxes. The new legislation will allow the state’s Department of Employment Security to pay off some of the debt the state incurred from borrowing money from the Federal Unemployment Account in early 2008 in an effort to keep unemployment benefits afloat. The new plan will reward businesses that have avoided layoffs with an…

Changes to Illinois health insurance up for vote

June 1, 2011June 2, 2011 S.Vagus

Illinois Governor Pat Quinn is expected to make a decision on a bill arriving at his desk today. The State’s House of Representatives passed legislation— by a sweeping majority of 98-15 – that would keep the state’s health insurance contracts intact for the next two years. This conflicts with Quinn’s move to change the state’s health insurance carrier, a measure that would have left more than 100,000 government workers in need of new coverage. The bill will also reopen the health insurance procurement process and allow the state’s insurers to…