(SPRINGFIELD) A bill to regulate homeowners insurance rates will be up for consideration in the Illinois House after it cleared the State Senate yesterday in Springfield. An amended version of House Bill 4273 prohibits home insurers from raising premiums by more than 10% without at least 60 days notice, plus it also bans “excessive or discriminatory” rates, and it gives the Illinois Department of Insurance more regulatory authority. The bill has mostly bipartisan support.
(SPRINGFIELD) The Illinois House Insurance Committee has unanimously passed legislation to expand health insurance coverage that includes rehabilitative and habilitative services for children under 19 that have an acquired speech-language disorder. Moving out of committee now, Senate Bill 2899 heads to the State House Floor a possible vote this week or next.
(SPRINGFIELD) State Representative Adam Niemerg was on the House Floor yesterday, noting numbers from the personal finance website WalletHub, showing that Illinois continues to pay the highest combined state and local tax rate in the nation. Illinois’ effective tax rate totaling almost 17% for the median household income last year compared with a national average of just over 11% while higher than America’s second highest rate of 14.95% in New York. The Effingham County native joined other downstate lawmakers in calling for much needed tax relief.
(SPRINGFIELD) The NFIB Small Business Optimism Index slightly rose last month by one-tenth of a percentage point, to 95.9, now below its 52-year average of 98 for the second straight month. Meanwhile, the Uncertainty Index fell four points to 88, remaining well above its historical average of 68. National Federation of Independent Business officials say small businesses need tax and regulatory relief, not higher costs or regulatory burdens.