The Illinois Department of Insurance was re-established on June 1, 2009 after a five year hiatus. In 2004, the Illinois DOI was joined with other state agencies into the Department of Financial and Professional Regulation after operating on its own for more than 100 years. Governor Quinn's Executive Order 4 with approval from the Illinois House and Senate brought this regulatory agency back to the state. Funding will come from Illinois insurance assessments and not the state revenue fund.
Mission number one is the protection of consumers through market regulation, education and healthy competition in the marketplace. Michael T. McCraith is the Director of the new Illinois Department of Insurance. By making consumer protection a priority, individuals, families and businesses alike will reap the benefits. This affects nearly everyone in the state since 90% of people use and benefit from insurance in some form.
Information can be found on the Illinois DOI website regarding Illinois health insurance, auto insurance, homeowners insurance and life insurance. This covers not only consumers, but brokers and insurers as well. There are shopping tips to help you get the best coverage for your budget, necessary phone numbers and other contact information, and pertinent fact sheets and news stories. For those consumers worried about losing health coverage during uncertain times, there is information on COBRA insurance, updated federal laws and regulations, and other affordable programs offered through the state.
If you have a complaint to be filed against an insurance company or agent, that can be done online or through email, fax or mail. The Illinois Department of Insurance is charged with investigating all complaints filed by consumers and agencies alike. This includes problems with coverage, disputed claims, premiums, canceled policies, refunds, or fraudulent and misrepresented sales practices. They will respond in writing to any claim and resolve all issues to the best of their abilities.
There are certain requirements for Illinois auto insurance that can be found through the Illinois DOI. Although there are required minimum amounts of coverage for liability, uninsured motorist bodily injury coverage and insurance, it might be beneficial to carry more coverage than the minimum requirements. Physical damage and many optional coverages also exist. Consumers need to weigh the benefits and costs of the coverage with their needs to see what will work for them. Many factors are considered and discounts available to different individuals when determining premium cost.
Regardless of the type of Illinois insurance you are searching for, the Illinois Department of Insurance is there to protect your best interest and make sure that the state insurance marketplace as a whole runs smoothly. Their website is user friendly and offers a wealth of information at your fingertips.