The bill amends various sections of the Nebraska Revised Statutes to strengthen regulations in the insurance sector, particularly focusing on public health and welfare. A significant change includes the adjustment of the transfer amount from the Department of Insurance Cash Fund to the General Fund, increasing it from eleven million dollars to thirteen million two hundred thousand dollars for the fiscal year ending June 30, 2027. The bill also incorporates pharmacy benefit managers into the Unfair Insurance Trade Practices Act, thereby expanding the regulatory framework. Additionally, it modifies nonresident insurance license requirements, introducing automatic revocation provisions if a nonresident licensee's home state license becomes inactive. Other key amendments include the establishment of penalties for noncompliance with the Pharmacy Benefit Manager Licensure and Regulation Act and the adoption of the Nebraska Protection of Seniors from Insurance Exploitation Act, aimed at safeguarding seniors from insurance fraud.

Further provisions in the bill enhance the operational structure of the Health Information Technology Board, increasing its membership from seventeen to twenty-one and allowing immediate service upon appointment. The bill also outlines new eligibility criteria for financial assistance from the Site and Building Development Fund, including grants for constructing golf facilities in metropolitan areas, contingent on matching funds and support documentation. The Nebraska Protection of Seniors from Insurance Exploitation Act is a notable addition, defining key terms related to financial exploitation and establishing responsibilities for insurers and trained individuals in reporting suspected cases. Insurers are mandated to provide training on recognizing exploitation and must maintain confidentiality regarding related records while ensuring access for law enforcement. Starting January 1, 2027, health insurance plans will also be prohibited from restricting claim payments to specific methods, promoting broader access for healthcare providers.

Statutes affected:
Introduced: 44-6122
Final Reading: 44-116, 44-150, 44-1523, 44-4055, 44-4059, 44-4064, 44-4605, 44-6122
Slip Law: 44-116, 44-150, 44-1523, 44-4055, 44-4059, 44-4064, 44-4605, 44-6122