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The Illinois Senate passed two pieces of workers compensation reform legislation Friday that some say could reduce the cost of workers compensation insurance for Illinois employers and introduce market competition.
H.B. 2525 would help regulate the marketplace by creating a government insurance company to compete in the policy-writing market and establishing regulations for insurers in setting rates.
The Senate also passed H.B. 2622, which would allow the Illinois Workers' Compensation Commission Operations to loan no more than $10 million to help create the Illinois Employers Mutual Insurance Co., a state fund that would help create a state-run competitor in the insurance marketplace.
Among the provisions of H.B. 2525 are more oversight for insurers.
“Rates shall not be excessive, inadequate or unfairly discriminatory,” reads the bill. “A rate in a competitive market is not excessive. A rate in a noncompetitive market is excessive if it is likely to produce a long run profit that is unreasonably high for the insurance provided or if expenses are unreasonably high in relation to the services rendered.”
Both bills will now be sent to Illinois Gov. Bruce Rauner for signature.
California Insurance Commissioner Dave Jones has issued a revised advisory pure premium rate, reducing rates by 16.5%.