Medical malpractice, electronic notification and surplus lines will be some of the hot property/casualty issues in the Illinois General Assembly spring session, according to a newsletter sent recently by the Professional Independent Insurance Agents of Illinois (PIIAI). According to PIIAI, the Democratic-controlled General Assembly is considering rate regulation鈥攃aps and/or prior approval鈥攁s a solution to the affordability and availability crisis in the medical liability insurance market. There are only a handful of admitted carriers writing the coverage in Illinois and a doctors’ mutual鈥擨SMIE鈥攃arries about 60 percent of the market. Meanwhile, legislation spearheaded by the Des Plaines, Ill.-based Property and Casualty Insurance Association of America will allow agents to accept electronic notification of cancellation and nonrenewals, according to PIIAI. Current law does not explicitly allow this. With regard to surplus lines, SB 2560-Harmon would allow surplus line producers to give their qualifying commercial clients a choice of placing the coverage in the surplus line market or the Illinois Auto Plan. Now, producers must place the business with the Illinois Auto Plan, according to PIIAI.
Was this article valuable?
Here are more articles you may enjoy.
Virginia’s New Gun Laws Challenged by Some Local Prosecutors and Lawsuits 
IMA Latest to Sue Howden Over Alleged Employee Poaching 
US P/C Rebounds to Post Q1 Underwriting Gain; Net Income Doubles 
Ship Insurers Set for Major Claims From Iran War, Allianz Says From This Issue
