Halpin law stabilizes Illinois’ agricultural insurance sector

SPRINGFIELD — A measure sponsored by State Senator Mike Halpin that changes the minimum amount of coverage farm mutual insurance companies are required to provide was signed into law Friday.

“Protecting our farmers against unpredictable forces of nature is crucial for sustaining our agricultural output,” said Halpin (D-Rock Island). “It is our duty to ensure farmers have access to insurance coverage that protects their investments and keeps our agricultural division resilient.”

Senate Bill 765 requires farm mutual insurance companies to have and maintain adequate catastrophic reinsurance, rather than unlimited catastrophic reinsurance—which limits the company’s exposure on any loss to 20% of its policyholders’ surplus. ACR provides coverage up to a predetermined limit, which allows the insurer to manage costs more effectively. UCR, on the other hand, can incur higher premiums due to the increased risk transferred to the reinsurer.

The Illinois Department of Insurance had previously interpreted the Farm Mutual Insurance Company Act as requiring unlimited catastrophic aggregate reinsurance coverage. This would have led to 44 farm mutual insurance companies in Illinois being unable to offer coverage this year under the requirement, potentially leaving over 51,000 policyholders uninsured. Under the new law, companies will allow broader access to reinsurance products and risk capital, helping to avoid disruptions in the farm mutual community. This will allow the marketplace to correct and set appropriate pricing for policyholders, ensuring farmers have access to coverage.

“This is a major win for farmers and farm mutual insurance companies,” said Halpin. “This law is proof of our commitment to the wellbeing of our state’s agriculture. ACR will be a lifeline for farmers, ensuring they can continue to feed our communities and drive our state’s agricultural success.”

Senate Bill 765 was signed into law on Friday and goes into effect immediately.

Trick or Treat hours in the 36th District

Halpin recognizes October as College Changes Everything Month

ROCK ISLAND – State Senator Mike Halpin is highlighting the start of the Illinois Student Assistance Commission’s annual College Changes Everything Campaign—beginning with recognizing October as CCE Month.

“College Changes Everything Month reminds us that education is more than an individual journey,” said Halpin (D-Rock Island), chair of the Senate Higher Education Committee. “It’s a collective investment in our state’s future. By celebrating this month, we are acknowledging that every student’s success is a step toward a more thriving community.”

CCE is a college access movement that recognizes college can be a life-changing experience not only for students, but also for families and communities. In Illinois and across the nation, those who obtain education beyond high school not only see a significant impact on their potential career prospects and future salary, but also lower levels of poverty, crime and obesity rates in their communities. CCE is an essential part of helping Illinois reach its goal of increasing the proportion of adults in the state with high quality degrees or credentials to 60% by 2025.

For the past eight years, during CCE Month, ISAC has collaborated with schools and community-based organizations to provide free college and financial aid application completion workshops statewide. This year, CCE campaign activities will extend through the winter to better support students and families in light of the transition to a later launch date of the new Free Application for Federal Student Aid.

“The College Changes Everything campaign aligns with our states’ values of affordability, access and equal opportunity in education,” said Halpin. “Together, we can empower and uplift students across Illinois to reach their full potential. I encourage all students and families to take advantage of the free workshops to alleviate as much stress as possible come college and FAFSA application time.”

For more information about CCE Month or the CCE campaign, visit the CCE website.

Five communities across Western Illinois set to receive nearly $2 million to confront blighted properties

ROCK ISLAND – State Senator Mike Halpin announced that Galesburg, Macomb, Moline, Monmouth and Rock Island are set to receive a combined total of $1,946,000 to support community revitalization efforts.

“Community blight and vacant properties are a detriment to growth and economic development,” said Halpin (D-Rock Island). “Getting some of the blight cleaned up is good for property values and gives families and businesses alike all the more reason to move in.”

The Illinois Housing Development Authority recently approved $19 million to support affordable housing and community revitalization efforts across Illinois. Awarded under the Strong Communities Program, the initiative will provide funding to 68 units of local governments and land bank authorities for the acquisition, maintenance, rehabilitation and demolition of abandoned residential properties in their communities. The program is designed to support local revitalization efforts and attract further investment in communities that may lack the resources needed to tackle vacant, abandoned and deteriorated properties.

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