On Jul. 9, ILL INS issued bulletin on required rate and form filings.
ILL INS issued Bulletin 2025-14 on required rate and form filings for amendments.
Follows Jun. 2025 ILL INS adoption of amendments on prima facie rates, #229711.
Bulletin 2025-14
ILL INS recently made amendments to ILL INS 50-I-m-1051 to change the permitted policy exclusions and the prima facie premium rates for credit life insurance.
Will withdraw approval of all previously approved policy forms and rate filings that remain in conflict with amended rule effective at close of business on Aug. 20, 2025.
Urges companies with noncompliant filing to submit updated filling as soon as possible
If a company’s previously approved policy does not comply, the company may choose to file either a new policy or a rider or endorsement to the existing insurance policy.
No new policy form filing needed if company’s previously approved filing does not contain exclusions prohibited by amendment and complies with current applicable law.
New rate filing needed from each company if current rate exceeds new prima facie rate for applicable type of policy, even if was previous approved to charge rate in excess.
Regulators
ILL INS
Entity Types
Ins
Reference
Bul 2025-14, 7/9/2025; Citation: ILL INS 50-I-m-1051;
