The proposed 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 in the insurance process. The bill modifies the powers and duties of the Director of Insurance, updates the board of directors of the Nebraska Property and Liability Insurance Guaranty Association, and expands the scope of unfair trade practices to include actions by health insurance lead generators. It also emphasizes the importance of fair practices in insurance marketing and sales, outlining specific unfair trade practices and penalties for violations.

Additionally, the bill eliminates outdated laws, such as the Health Insurance Access Act, and repeals several obsolete sections while introducing new requirements for annual statements and the exhaustion of remedies. It specifies that claimants must exhaust all rights under their insurance policies before the association is obligated to pay covered claims and clarifies the association's obligations regarding cybersecurity insurance. The bill also mandates mutual insurance holding companies to file annual statements and undergo independent audits, streamlining the legal framework governing these entities. Overall, the legislation aims to modernize and enhance regulatory oversight and consumer protection within Nebraska's 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