The bill amends various sections of the Reissue Revised Statutes of Nebraska, focusing on the regulation of insurance practices, particularly under the Unfair Insurance Trade Practices Act and the Nebraska Property and Liability Insurance Guaranty Association Act. It introduces new definitions such as "Customer," "Health insurance lead generator," and "Lead generating device," which clarify the roles of participants in the insurance market. The bill also expands the authority of the Director of Insurance to examine insurers and health insurance lead generators for unfair trade practices, establishes penalties for violations, and updates the board structure of the Nebraska Property and Liability Insurance Guaranty Association to ensure fair representation of domestic insurers.

Additionally, the bill repeals outdated provisions, including the Health Insurance Access Act and the Health Care Purchasing Pool Act, to streamline the legal framework. It specifies new obligations for the association regarding covered claims, particularly those related to cybersecurity insurance, and clarifies that claimants must exhaust all rights under their insurance policies before the association is liable. The bill also mandates mutual insurance holding companies to file annual statements and undergo independent audits, while repealing several sections related to these companies to enhance regulatory clarity and efficiency.

Statutes affected:
Introduced: 44-1523, 44-1524, 44-1525, 44-1527, 44-1528, 44-1529, 44-1530, 44-1532, 44-2403, 44-2405, 44-2406, 44-2407, 44-2411, 44-6135
Final Reading: 44-1523, 44-1524, 44-1525, 44-1527, 44-1528, 44-1529, 44-1530, 44-1532, 44-2403, 44-2405, 44-2406, 44-2407, 44-2411, 44-6135
Slip Law: 44-1523, 44-1524, 44-1525, 44-1527, 44-1528, 44-1529, 44-1530, 44-1532, 44-2403, 44-2405, 44-2406, 44-2407, 44-2411, 44-6135