Illinois lawmakers passed a bill to let state regulators review auto and homeowners insurance rates.

Illinois lawmakers passed a bill granting state regulators authority to review and approve auto and homeowners insurance premiums, aiming to prevent excessive rates. The measure requires insurers to provide 60 days' notice before raising rates by 10% or more and use state-specific data. It passed the House 66-40 and now moves to the Senate, where it faces opposition from the insurance industry.