Illinois House of Representatives Speaker Michael J. Madigan’s spokesperson, Steve Brown, has repeatedly said that insurance companies in the state are hoarding cost savings. There has yet to be concrete proof of anti-trust violations, including violations of provisions of the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914.
However, according to Illinois Policy Institute—Chicago-based non-profit think tank—vice president, Michael Lucci, these statements are not possible because Illinois has a competitive workers’ compensation insurance market, with 332 insurance companies currently operating in the state.
Lucci added that the profit drives insurance companies to compete, not price-fix. Also, he said that trial attorneys would absolutely file lawsuits against companies if price-fixing was indeed happening in a $3 billion/year industry such as the workers’ compensation insurance business.
Our attorneys at Spiros Law, P.C. believe that all humans have a basic responsibility to ensure the safety of those around them; this philosophy extends to employers in the workplace. Workers are entitled to workers’ compensation benefits should they get hurt while doing their job. If this happened to you and you failed to receive your needed amount or any compensation at all, seek our legal help when it comes to applying for such benefits by calling our Champaign offices at (217) 328-2828.
Request A Free Consultation
