The Department of Insurance would have the authority to approve or deny proposed health insurance rate increases under a plan approved Thursday by the House.
The bill, sponsored by Rep. Bob Morgan, D-Deerfield, now heads to the Senate.
“This is a pretty significant step toward reducing health insurance costs in Illinois,” Morgan told Health News Illinois after the vote. “It can really help a lot of people if we can get this through the Senate.”
Currently, the department has the ability to review proposed rate changes to determine whether the price is reasonable. However, it cannot reject rates.
The plan also requires rate increases to be listed on the department’s website.
Sen. Laura Fine, D-Glenview, will serve as the Senate sponsor. Morgan said the amended proposal eliminated major insurer opposition. He did not foresee any further changes.
“I think the expectation is this will be the language,” he said.
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