On June 27th, 2023, House Bill 2296, sponsored by Senator Fine (D-Glenview), was signed into law in Illinois. The purpose of this legislation is to protect consumers from rising healthcare costs by granting the Illinois Department of Insurance (DOI) the authority to review health insurance rate changes. The law aims to make the rate review process more transparent and accessible to the public.

Under the new law, health insurers in Illinois will be subject to scrutiny when proposing premium rate increases for individuals and small businesses. This measure is intended to ensure that healthcare remains accessible and affordable for Illinois residents.

Transparency is a key component of the legislation. Insurance companies will be required to submit proposed rate changes to the DOI, which will publish the information on their website. This will allow members of the public to view and comment on the proposed rates, promoting a more inclusive and participatory process.

The Small Business Advocacy Council hailed the bill as a positive step towards stabilizing and reducing the costs of health insurance for small businesses and their employees. They commended Governor Pritzker and the legislators involved in passing this legislation, viewing it as a significant win for small businesses striving to offer affordable and quality health insurance to their employees.

It's important to note that House Bill 2296 will go into effect for plans purchased in 2026, allowing time for insurers and consumers to adapt to the new regulations and review processes.