The bill amends various sections of the Reissue Revised Statutes of Nebraska, focusing on 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 parties involved in the insurance process. The bill also modifies the powers and duties of the Director of Insurance, updates the structure of the board of directors for the Nebraska Property and Liability Insurance Guaranty Association, and establishes clearer guidelines for unfair trade practices. Additionally, it eliminates the Health Insurance Access Act and the Health Care Purchasing Pool Act, along with other obsolete provisions, to streamline the legal framework governing insurance in Nebraska.
Furthermore, the bill outlines new obligations for health insurance lead generators, including maintaining accessible records regarding complaints and marketing data for three years, and allows the Director of Insurance to investigate their affairs. It establishes penalties for unfair trade practices, expands the definition of "covered claim" under the Nebraska Property and Liability Insurance Guaranty Association Act, and introduces limitations on liability for cybersecurity insurance claims. The bill also amends reporting requirements for mutual insurance holding companies, mandating compliance with accounting practices and annual audits. Overall, the amendments aim to enhance consumer protection and ensure fair practices within the insurance industry.
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