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Illinois assembly passes bill requiring pre-approval of workers' comp rates

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Illinois assembly passes bill requiring pre-approval of workers' comp rates

A bill requiring insurers to get pre-approval for workers' compensation rates has been approved by the Illinois General Assembly.

Under the bill, carriers must make rate filings with the Illinois Department of Insurance at least 30 days before they take effect. An insurer that files a different rate from a licensed rating organization of which it is a member must provide an explanation, the Insurance Journal reported.

Approvals will be made by the state's director of insurance, and rate filings will be legal and effective if an objection is not raised within 30 days.