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Illinois Adjusts Rate and Rule Filing Requirements

July 2, 2015 AAIS Advisory notice

The insurance section of the Illinois Administrative Code has been revised to reflect the requirement that insurance rate and rule filings be submitted using the System for Electronic Rate and Form Filing (SERFF).

The revisions repeal requirements to file forms RF-3 (summary of premium and rate changes), RF-4 (auto premium comparison), and RF-5 (homeowners premium comparison).  In place of those forms, filings are required to include information specified in Section 754.10 of the revised code.

Illinois does not require rate approval in most property/casualty lines, but information supporting rate changes must be filed in some lines.

The code revisions took effective May 26, 2015.

AAIS Advisory notices are posted periodically to announce AAIS product developments, and to provide news items that are relevant to our program users. Advisory notices are news summaries that paraphrase documents which should be consulted directly for complete, authoritative information.

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