IL | The Department of Insurance (“the Department”) previously issued Company Bulletin 2023-15 to provide further clarification to the changes to the Farm Mutual Insurance Company Act. The revisions to the Act contain modifications to loss exposure limits for farm mutual insurance companies, and therefore affect reinsurance agreements currently being negotiated for calendar year 2024. It is difficult to forecast what effect the new law will have on those reinsurance negotiations, and correspondingly on farm mutual companies and their policyholders. Unprecedented Illinois property losses from convective storms in 2023 makes this an especially challenging time for farm mutuals and their reinsurers.
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