Joins 41 other states to protect consumers, small businesses from premium rate hikes.
Bill requires insurers to provide specific information about how they set rates.
Department of insurance has authority to approve, modify, disapprove health premium rates it determines to be unreasonable, inadequate in individual / small group market.
Establishes certain reporting requirements for insurance companies in order to provide increased transparency for consumers and small businesses.
Starting May 1, 2026, requires ILL INS to annually report to Illinois governor and the general assembly on health insurance coverage, affordability, and cost trends.
Department to post all insurers' rate filings, summaries on the department's website.
Legislative History
On Jan. 12, 2023, bill introduced in House; on May 10, 2023, bill passed in House.
On May 11, 2023, bill was introduced in Senate; on May 24, 2023, bill passed Senate.
On May 26, 2023, House concurred with Senate amendments; passed both houses.
Effectiveness
Provisions of bill HB 2296 will come into effect on Jun. 1, 2024.
Jun. 2023 ILL LEG Bill Approval
On Jun. 27, 2023, ILL LEG reported that the governor approved bill HB 2296.
State-based marketplace goes live for plan year 2026, and consumers will start enrolling via Illinois platform during the open enrollment period starting Nov. 1, 2025.
Jun. 27, 2023 ILL LEG Public Act
On Jun. 27, 2023, ILL LEG reported bill HB 2296 was assignedPublic act 103-0106.
