IL| The Illinois Department of Insurance has issued Company Bulletin 2025-14 notifying all companies writing credit life insurance of amendments to 50 Ill. Adm. Code 1051, which revise permitted policy exclusions and set new prima facie premium rates. Effective August 20, 2025, the Department will withdraw approval of any policy forms and rate filings that do not comply with these changes, urging companies to submit updated forms and rate filings promptly. Companies can amend their filings either by submitting new policies or by filing riders or endorsements to existing policies, though no action is needed if current filings are already compliant. Additionally, new rate filings are required for any company whose current rates exceed the newly established prima facie rates, regardless of prior approvals.
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