reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-8909 - Reserves; company; duties.

44-8909.
Reserves; company; duties.
(1) A company must establish reserves using a principle-based valuation that meets the following conditions for policies or contracts as specified in the valuation manual:
(a) Quantify the benefits and guarantees, and the funding, associated with the contracts and their risks at a level of conservatism that reflects conditions that include unfavorable events that have a reasonable probability of occurring during the lifetime of the contracts. For policies or contracts with significant tail risk, the valuation must reflect conditions appropriately adverse to quantify the tail risk;
(b) Incorporate assumptions, risk analysis methods, and financial models and management techniques that are consistent with, but not necessarily identical to, those utilized within the company's overall risk assessment process, while recognizing potential differences in financial reporting structures and any prescribed assumptions or methods;
(c) Incorporate assumptions that are derived in one of the following manners:
(i) The assumption is prescribed in the valuation manual; or
(ii) For assumptions that are not prescribed, the assumptions shall:
(A) Be established utilizing the company's available experience, to the extent it is relevant and statistically credible; or
(B) To the extent that company data is not available, relevant, or statistically credible, be established utilizing other relevant, statistically credible experience; and
(d) Provide margins for uncertainty including adverse deviation and estimation error, such that the greater the uncertainty the larger the margin and resulting reserve.
(2) A company using a principle-based valuation for one or more policies or contracts subject to this section as specified in the valuation manual shall:
(a) Establish procedures for corporate governance and oversight of the actuarial valuation function consistent with those described in the valuation manual;
(b) Provide to the director and the board of directors an annual certification of the effectiveness of the internal controls with respect to the principle-based valuation. Such controls shall be designed to assure that all material risks inherent in the liabilities and associated assets subject to such valuation are included in the valuation and that valuations are made in accordance with the valuation manual. The certification shall be based on the controls in place as of the end of the preceding calendar year; and
(c) Develop, and file with the director upon request, a principle-based valuation report that complies with standards prescribed in the valuation manual.
(3) A principle-based valuation may include a prescribed formulaic reserve component.
Source
Laws 2014, LB755, § 9.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-8912 - Director; exempt specific product forms or product lines; provisions applicable.

44-8912.
Director; exempt specific product forms or product lines; provisions applicable.
(1) The director may exempt specific product forms or product lines of a domestic company that is licensed and doing business only in this state from the requirements of section 44-8908 if:
(a) The director has issued an exemption in writing to the company and has not subsequently revoked the exemption in writing; and
(b) The company computes reserves using assumptions and methods used prior to the operative date of the valuation manual designated in subsection (2) of section 44-8908 in addition to any requirements established by the director and by rule and regulation.
(2) For any company granted an exemption under this section, sections 44-420 to 44-427, 44-8906, and 44-8907 shall be applicable. With respect to any company applying this exemption, any reference to section 44-8908 found in such sections shall not be applicable.
Source
Laws 2014, LB755, § 12.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9002 - Purposes of act; applicability.

44-9002.
Purposes of act; applicability.
(1) The purposes of the Risk Management and Own Risk and Solvency Assessment Act are to provide requirements for maintaining a risk management framework and completing an own risk and solvency assessment and to provide guidance and instructions for filing an own risk and solvency assessment summary report with the director.
(2) The requirements of the act apply to all insurers domiciled in this state unless exempt pursuant to section 44-9008.
Source
Laws 2014, LB700, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9003 - Legislative findings and declaration.

44-9003.
Legislative findings and declaration.
The Legislature finds and declares that the own risk and solvency assessment summary report will contain confidential and sensitive information related to an insurer's or insurance group's identification of risks that is material and relevant to the insurer or insurance group filing the report. The information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public. It is the intent of the Legislature that the own risk and solvency assessment summary report shall be a confidential document filed with the director, that the own risk and solvency assessment summary report shall be shared only as provided in the Risk Management and Own Risk and Solvency Assessment Act and to assist the director in the performance of his or her duties, and that in no event shall the own risk and solvency assessment summary report be subject to public disclosure.
Source
Laws 2014, LB700, § 3.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9004 - Terms, defined.

44-9004.
Terms, defined.
For purposes of the Risk Management and Own Risk and Solvency Assessment Act:
(1) Director means the Director of Insurance;
(2) Insurance group means those insurers and affiliates included within an insurance holding company system as defined in section 44-2121;
(3) Insurer has the same meaning as in section 44-103, except that it does not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;
(4) Own risk and solvency assessment means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by the insurer or insurance group, of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks;
(5) Own risk and solvency assessment guidance manual means the own risk and solvency assessment guidance manual prescribed by the director which conforms substantially to the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners. A change in the own risk and solvency assessment guidance manual shall be effective on the January 1 following the calendar year in which the change has been adopted by the director; and
(6) Own risk and solvency assessment summary report means a confidential, high-level summary of an insurer's or insurance group's own risk and solvency assessment.
Source
Laws 2014, LB700, § 4;
Laws 2016, LB772, § 16;
Laws 2022, LB863, § 37.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9005 - Risk management framework.

44-9005.
Risk management framework.
An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement is satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
Source
Laws 2014, LB700, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9006 - Own risk and solvency assessment.

44-9006.
Own risk and solvency assessment.
Subject to section 44-9008, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an own risk and solvency assessment consistent with a process comparable to the own risk and solvency assessment guidance manual. The own risk and solvency assessment shall be conducted no less than annually but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Source
Laws 2014, LB700, § 6.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9007 - Own risk and solvency assessment summary report; submission; contents; similar report accepted; when.

44-9007.
Own risk and solvency assessment summary report; submission; contents; similar report accepted; when.
(1) Upon the director's request, and no more than once each year, an insurer shall submit to the director an own risk and solvency assessment summary report or any combination of reports that together contain the information described in the own risk and solvency assessment guidance manual applicable to the insurer or the insurance group of which the insurer is a member. Notwithstanding any request from the director, if the insurer is a member of an insurance group, the insurer shall submit the report required by this subsection if the director is the lead state insurance commissioner of the insurance group.
(2) The report shall include a signature of the insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the own risk and solvency assessment summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof.
(3) An insurer may comply with subsection (1) of this section by providing the most recent and substantially similar report provided by the insurer or another member of an insurance group of which the insurer is a member to the insurance commissioner of another state or to a supervisor or regulator of a foreign jurisdiction if that report provides information that is comparable to the information described in the own risk and solvency assessment guidance manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
(4) The first filing of the own risk and solvency assessment summary report shall be in 2015.
Source
Laws 2014, LB700, § 7.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9009 - Own risk and solvency assessment summary report; documentation and supporting information.

44-9009.
Own risk and solvency assessment summary report; documentation and supporting information.
(1) An own risk and solvency assessment summary report shall be prepared consistent with the own risk and solvency assessment guidance manual, subject to the requirements of subsection (2) of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the director.
(2) The review of the own risk and solvency assessment summary report, and any additional requests for information, shall be made using similar procedures currently used in the analysis and examination of multistate or global insurers and insurance groups.
Source
Laws 2014, LB700, § 9.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9011 - Failure to file own risk and solvency assessment summary report; penalty.

44-9011.
Failure to file own risk and solvency assessment summary report; penalty.
Any insurer failing, without just cause, to timely file its own risk and solvency assessment summary report as required in the Risk Management and Own Risk and Solvency Assessment Act shall be required, after notice and hearing, to pay a penalty of not to exceed two hundred dollars for each day's delay. The maximum penalty under this section is ten thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer. The director shall remit any penalties collected under this section to the State Treasurer for distribution in accordance with Article VII, section 5, of the Constitution of Nebraska.
Source
Laws 2014, LB700, § 11.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9102 - Purposes of act.

44-9102.
Purposes of act.
(1) The purposes of the Corporate Governance Annual Disclosure Act are to:
(a) Provide the director a summary of an insurer’s or insurance group’s corporate governance structure, policies, and practices to permit the director to gain and maintain an understanding of the insurer’s or insurance group’s corporate governance framework;
(b) Outline the requirements for completing a corporate governance annual disclosure with the director; and
(c) Provide for the confidential treatment of the corporate governance annual disclosure and related information that contains confidential and sensitive information related to an insurer’s or insurance group’s internal operations and proprietary and trade secret information which, if made public, could potentially cause the insurer or insurance group competitive harm or disadvantage.
(2) Nothing in the Corporate Governance Annual Disclosure Act shall be construed (a) to prescribe or impose corporate governance standards and internal procedures beyond that which is required under applicable state corporate law or (b) to limit the director’s authority, or the rights or obligations of third parties, under the Insurers Examination Act.
(3) The requirements of the Corporate Governance Annual Disclosure Act shall apply to all insurers that are domiciled in this state.
Source
Laws 2016, LB772, § 2.
Cross References
Insurers Examination Act, see section 44-5901.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9103 - Terms, defined.

44-9103.
Terms, defined.
For purposes of the Corporate Governance Annual Disclosure Act:
(1) Corporate governance annual disclosure means a confidential report filed by an insurer or insurance group made in accordance with the requirements of the Corporate Governance Annual Disclosure Act;
(2) Director means the Director of Insurance;
(3) Insurance group means those insurers and affiliates included within an insurance holding company system as defined in section 44-2121; and
(4) Insurer has the same meaning as in section 44-103, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
Source
Laws 2016, LB772, § 3.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9105 - Corporate governance annual disclosure; contents; request for additional information.

44-9105.
Corporate governance annual disclosure; contents; request for additional information.
The corporate governance annual disclosure shall be prepared in a manner prescribed by the director. The insurer or insurance group shall have discretion over the responses to the corporate governance annual disclosure inquiries, except that the corporate governance annual disclosure shall contain the material information necessary to permit the director to gain an understanding of the insurer's or insurance group's corporate governance structure, policies, and practices. The director may request additional information that he or she deems material and necessary to provide the director with a clear understanding of the corporate governance policies, reporting or information systems, or controls implementing the corporate governance policies. Documentation and supporting information shall be maintained and made available upon examination or upon request of the director.
Source
Laws 2016, LB772, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9108 - Failure to file corporate governance annual disclosure; forfeiture; suspension of certificate of authority.

44-9108.
Failure to file corporate governance annual disclosure; forfeiture; suspension of certificate of authority.
Any insurer failing, without just cause, to timely file the corporate governance annual disclosure as required in the Corporate Governance Annual Disclosure Act shall forfeit fifty dollars each day thereafter such failure continues. The maximum forfeit shall not exceed ten thousand dollars. In addition to the forfeiture, the director may suspend, after notice and hearing, the certificate of authority of the insurer until it has complied with the act. The director may reduce the forfeiture if the insurer demonstrates to the director that the forfeiture would constitute a financial hardship to the insurer. The director shall remit any forfeiture collected pursuant to this section to the State Treasurer for distribution in accordance with Article VII, section 5, of the Constitution of Nebraska.
Source
Laws 2016, LB772, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9202 - Purpose of act.

44-9202.
Purpose of act.
The purpose of the Public Adjusters Licensing Act is to govern the qualifications and procedures for licensing public adjusters in this state and to specify the duties of and restrictions on public adjusters, including limitation of such licensure to assisting only insureds with first-party claims.
Source
Laws 2018, LB743, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9203 - Terms, defined.

44-9203.
Terms, defined.
As used in the Public Adjusters Licensing Act, unless the context otherwise requires:
(1) Business entity means a corporation, association, partnership, limited liability company, limited liability partnership, or any other legal entity;
(2) Catastrophic disaster means an event declared to be a catastrophic disaster by the President of the United States or the governor of the state in which the disaster occurred that (a) results in large numbers of deaths and injuries, (b) causes extensive damage or destruction of facilities that provide and sustain human needs, (c) produces an overwhelming demand on state and local response resources and mechanisms, (d) causes a severe long-term effect on general economic activity, and (e) severely affects state, local, and private sector capabilities to begin and sustain response activities;
(3) Department means the Department of Insurance;
(4) Director means the Director of Insurance;
(5) Home state means the District of Columbia or any state or territory of the United States in which the principal place of residence or principal place of business of the public adjuster is located;
(6) Individual means a natural person;
(7) Insured means a person insured under the insurance policy against which the claim is made;
(8) Person means an individual or a business entity;
(9) Public adjuster means any person who, for compensation, does any of the following:
(a) Acts for or aids an insured in negotiating for or effecting the settlement of a first-party claim for loss or damage to real or personal property of the insured;
(b) Advertises for employment as a public adjuster of first-party claims or otherwise solicits business or represents to the public that the person is a public adjuster of first-party claims for loss or damage to real or personal property of an insured; or
(c) Directly or indirectly solicits the business of investigating or adjusting losses or of advising an insured about first-party claims for loss or damage to real or personal property of the insured;
(10) Uniform business entity application means the uniform business entity application prescribed by the director which conforms substantially to the uniform business entity application for resident and nonresident business entities adopted by the National Association of Insurance Commissioners; and
(11) Uniform individual application means the uniform individual application prescribed by the director which conforms substantially to the uniform application for individual adjuster licensing adopted by the National Association of Insurance Commissioners.
Source
Laws 2018, LB743, § 3.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9204 - License required; exceptions.

44-9204.
License required; exceptions.
(1) A person shall not operate as or represent that such person is a public adjuster in this state unless such person is licensed as a public adjuster in accordance with the Public Adjusters Licensing Act.
(2) A public adjuster shall not misrepresent to any insured that such public adjuster is an adjuster representing an insurer in any capacity, including acting as an employee of the insurer or acting as an independent adjuster unless so appointed by an insurer in writing to act on behalf of the insurer for that specific claim or purpose. A public adjuster is prohibited from charging any insured a fee when appointed by the insurer and the appointment is accepted by the public adjuster.
(3) A public adjuster shall not, directly or indirectly, solicit, or enter into, an agreement for the repair or replacement of damaged property on which such public adjuster has engaged to adjust or settle claims for losses or damages of the insured.
(4) Notwithstanding subsection (1) of this section, licensing as a public adjuster shall not be required for:
(a) An attorney admitted to practice in this state, when acting in the attorney’s professional capacity as an attorney;
(b) A person who negotiates or settles claims arising under a life or health insurance policy or an annuity contract;
(c) A person employed only for the purpose of obtaining facts surrounding a loss or furnishing technical assistance to a licensed public adjuster, including, but not limited to, a photographer, estimator, private investigator, engineer, or handwriting expert;
(d) A licensed health care provider, or an employee of a licensed health care provider, who prepares or files a health claim form on behalf of a patient; or
(e) A person who settles subrogation claims between insurers.
Source
Laws 2018, LB743, § 4.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9205 - Resident public adjuster license; application; qualifications; fee; examination.

44-9205.
Resident public adjuster license; application; qualifications; fee; examination.
An individual applying for a resident public adjuster license shall make application to the director on the uniform individual application and declare under penalty of denial, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of such individual's knowledge and belief. Before approving an application for a resident public adjuster license, the director shall find that such individual:
(1) Is at least eighteen years of age. Notwithstanding the provisions of section 43-2101, if an individual is issued a license pursuant to the Public Adjusters Licensing Act, his or her minority ends;
(2) Has his or her principal place of residence or principal place of business in this state;
(3) Has not committed any act that is a ground for denial, suspension, or revocation set forth in section 44-9211;
(4) Has paid the resident licensing fee, not to exceed one hundred dollars, prescribed by the director;
(5) Except as otherwise provided under the act, has passed the examinations required by section 44-9208;
(6) Is trustworthy, reliable, and of good reputation, evidence of which may be determined by the director;
(7) Is financially responsible to exercise the license and has provided proof of financial responsibility as required in section 44-9212; and
(8) Maintains an office in this state with public access to such office by reasonable appointment or regular business hours.
Source
Laws 2018, LB743, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9206 - Nonresident public adjuster license; application; qualifications; fee; director; verify status; termination of license; when.

44-9206.
Nonresident public adjuster license; application; qualifications; fee; director; verify status; termination of license; when.
(1) An individual applying for a nonresident public adjuster license shall make application to the director in the manner prescribed by the director and declare under penalty of denial, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of such individual's knowledge and belief. Before approving an application for a nonresident public adjuster license, the director shall find that the applicant:
(a) Is licensed as a resident public adjuster and in good standing in such individual’s home state and that such home state awards nonresident public adjuster licenses to residents of this state on the same basis as provided for in the Public Adjusters Licensing Act; and
(b) Has paid the nonresident licensing fee, not to exceed one hundred dollars, prescribed by the director.
(2) The director may verify the licensing status of a nonresident public adjuster through the producer database maintained by the National Association of Insurance Commissioners, its affiliates, or subsidiaries.
(3) As a condition to continuation of a nonresident public adjuster license, a licensed nonresident public adjuster shall maintain a resident public adjuster license in good standing in his or her home state.
(4) A nonresident public adjuster license issued pursuant to this section shall terminate and be surrendered immediately to the director if the home state public adjuster license terminates for any reason, unless the individual has been issued a license as a resident public adjuster in a new home state and such new home state has reciprocity with this state. A licensed nonresident public adjuster shall notify the director of any change to a new home state as soon as possible, but no later than thirty days after receiving a license as a resident public adjuster from the new home state. The nonresident public adjuster shall include both the new and the old addresses in the notice to the director.
Source
Laws 2018, LB743, § 6.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9207 - Business entity acting as public adjuster; license; application; qualifications; fee; director; powers.

44-9207.
Business entity acting as public adjuster; license; application; qualifications; fee; director; powers.
(1) A business entity acting as a public adjuster in this state is required to obtain a public adjuster license and shall make application to the director on the uniform business entity application and declare under penalty of denial, suspension, or revocation of the license that the statements made in the application are true, correct, and complete to the best of the knowledge and belief of such entity. Before approving an application for a business entity public adjuster license, the director shall find that the applicant:
(a) Has paid the business entity licensing fee, not to exceed one hundred fifty dollars, prescribed by the director; and
(b) Has designated a resident public adjuster or a nonresident public adjuster licensed pursuant to the Public Adjusters Licensing Act to be responsible for compliance with the insurance laws, rules, and regulations of this state for such business entity.
(2) The director may require any documents reasonably necessary to verify the information contained in any application submitted pursuant to this section.
Source
Laws 2018, LB743, § 7.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9208 - Examination; fee.

44-9208.
Examination; fee.
(1) An individual applying for a resident public adjuster license shall pass a written examination, unless exempt pursuant to section 44-9209. Such examination shall test the knowledge of the individual concerning the duties and responsibilities of a public adjuster and the insurance laws and regulations of this state and shall be conducted as prescribed by the director.
(2) The director may make arrangements, including contracting with an outside testing service, for administering the written examination required pursuant to subsection (1) of this section and collecting a fee prescribed by the director. The fee shall not exceed one hundred dollars.
Source
Laws 2018, LB743, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9209 - Exemption from examination.

44-9209.
Exemption from examination.
(1) An individual who moves to this state, was previously licensed as a public adjuster in another state based on a public adjuster examination, and applies for a resident public adjuster license in this state within ninety days of establishing legal residence shall not be required to pass an examination pursuant to section 44-9208 in this state if:
(a) Such individual is currently licensed in the other state or if an application for a resident public adjuster license is received within twelve months of the cancellation of his or her previous license; and
(b) The other state issues a certification that such individual is licensed and in good standing in that state or was licensed and in good standing at the time of cancellation.
(2) An individual who applies for a resident public adjuster license and who was previously licensed as either a resident public adjuster or a nonresident public adjuster in this state shall not be required to complete an examination if the application is received within twelve months of the termination of such previous license in this state and if, at the time of such termination, the applicant was in good standing in this state.
Source
Laws 2018, LB743, § 9.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9212 - Financial responsibility; surety bond; director; powers.

44-9212.
Financial responsibility; surety bond; director; powers.
(1) Prior to the issuance of a resident public adjuster license or a nonresident public adjuster license and for the duration of such license, an applicant shall secure evidence of financial responsibility in a format prescribed by the director through a surety bond. The surety bond shall be executed and issued by an insurer authorized to issue surety bonds in this state, which bond:
(a) Shall be in the minimum amount of twenty thousand dollars; and
(b) Shall not be terminated unless written notice has been filed with the director and submitted to such public adjuster at least thirty days prior to such termination.
(2) The director may request the evidence of financial responsibility at any time the director deems relevant.
(3) A public adjuster shall immediately notify the director if evidence of financial responsibility terminates or becomes impaired. The authority to act as a public adjuster shall automatically terminate if the evidence of financial responsibility terminates or becomes impaired.
Source
Laws 2018, LB743, § 12.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9213 - Continuing education.

44-9213.
Continuing education.
(1) Except as otherwise provided in this section, an individual who holds a resident public adjuster license or a nonresident public adjuster license shall satisfactorily complete a minimum of twenty-four credits of continuing education, including three credits of ethics, reported on a biennial basis in conjunction with the license renewal cycle.
(2) The requirements of subsection (1) of this section shall not apply to a nonresident public adjuster who has met the continuing education requirements of the adjuster’s home state and whose home state gives credit to residents of this state on the same basis.
(3) Only continuing education activities approved by the director pursuant to sections 44-3901 to 44-3908 shall be used to satisfy the requirements of this section.
Source
Laws 2018, LB743, § 13.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9215 - Escrow account.

44-9215.
Escrow account.
A public adjuster who receives, accepts, or holds, on behalf of an insured, any funds toward the settlement of a claim for loss or damage shall deposit the funds in a non-interest-bearing escrow account in a financial institution that is insured by an agency of the federal government in the home state of such public adjuster or the state where the loss occurred.
Source
Laws 2018, LB743, § 15.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9216 - Records; contents; retention; inspection.

44-9216.
Records; contents; retention; inspection.
(1) A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this section shall include the following:
(a) The name of the insured;
(b) The date, location, and amount of the loss;
(c) A copy of the contract between the public adjuster and the insured;
(d) The name of the insurer, amount, expiration date, and policy number for each policy carried with respect to the loss;
(e) An itemized statement of the amount recovered for the insured;
(f) An itemized statement of all compensation received by the public adjuster, from any source whatsoever, in connection with the loss;
(g) A register of all money received, deposited, disbursed, or withdrawn in connection with a transaction with an insured, including fees, transfers, and disbursements from a trust account and all transactions concerning all interest-bearing accounts;
(h) The name of the public adjuster who executed the contract;
(i) The name of the attorney representing the insured, if applicable, and the name of the claims representative of the insurer; and
(j) Evidence of financial responsibility in a format prescribed by the director.
(2) Records shall be maintained for at least five years after the termination of the transaction with an insured and shall be open to examination by the department at all times.
(3) Records submitted to the department in accordance with this section that contain information identified in writing as proprietary by the public adjuster shall be treated as confidential by the department.
Source
Laws 2018, LB743, § 16.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9217 - Public adjuster; loyalty; prohibited acts.

44-9217.
Public adjuster; loyalty; prohibited acts.
(1) A public adjuster shall serve with objectivity and complete loyalty to the interest of the insured and shall, in good faith, render to the insured such information, counsel, and service, as within the knowledge, understanding, and opinion of such public adjuster will best serve the insurance claim needs and interest of the insured.
(2) A public adjuster shall not solicit, nor attempt to solicit, an insured during the progress of a loss-producing occurrence, as defined in the insured’s insurance contract.
(3) A public adjuster shall not permit an unlicensed employee or representative of the public adjuster to conduct business for which a license is required under the Public Adjusters Licensing Act.
(4) A public adjuster shall not have a direct or indirect financial interest in any aspect of the claim, other than the salary, fee, commission, or other consideration established in the written contract with the insured. Direct or indirect financial interest includes, but is not limited to, ownership of, employment by, or other consideration received from any business entity or individual that performs any work pertaining to damage related to the insured loss.
(5) A public adjuster shall not acquire any interest in salvage of property subject to the contract with the insured unless the public adjuster obtains written permission from the insured after settlement of the claim with the insurer.
(6) A public adjuster shall abstain from referring or directing the insured to obtain needed repairs or services in connection with a loss from any person:
(a) With whom the public adjuster has a direct or indirect financial interest; or
(b) From whom the public adjuster may receive direct or indirect compensation or other consideration for the referral.
(7) A public adjuster shall not undertake the adjustment of any claim if such public adjuster is not competent and knowledgeable as to the terms and conditions of the insurance coverage or if the loss or coverage otherwise exceeds the current expertise of the public adjuster.
(8) A public adjuster shall not knowingly make any false oral or written material statements regarding any person engaged in the business of insurance to any insured client or potential insured client.
(9) A public adjuster, while so licensed pursuant to the Public Adjusters Licensing Act, shall not represent or act as a company adjuster or independent adjuster in any circumstance.
(10) A public adjuster shall not enter into a contract or accept a power of attorney that vests in such public adjuster the effective authority to choose the persons who shall perform repair work.
(11) A public adjuster shall not agree to any loss settlement without the knowledge and consent of the insured.
Source
Laws 2018, LB743, § 17.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9218 - Fee; catastrophic fees.

44-9218.
Fee; catastrophic fees.
(1) A public adjuster may charge the insured a reasonable fee for public adjuster services.
(2) A person shall not accept a commission, service fee, or other valuable consideration for investigating or settling claims in this state if that person is required to be licensed under the Public Adjusters Licensing Act and is not so licensed.
(3) In the event of a catastrophic disaster, there shall be limits on catastrophic fees. No public adjuster shall charge, agree to, or accept as compensation or reimbursement any payment, commission, fee, or other thing of value equal to or more than ten percent of any insurance settlement or proceeds resulting from a catastrophic disaster.
(4) No public adjuster shall require, demand, or accept any fee, retainer, compensation, deposit, or other thing of value prior to settlement of a claim unless the loss is being handled by the public adjuster on a time-plus-expense basis.
Source
Laws 2018, LB743, § 18.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9302 - Act; purpose; applicability of provisions.

44-9302.
Act; purpose; applicability of provisions.
(1) The purpose of the Travel Insurance Act is to promote the public welfare by creating a comprehensive legal framework within which travel insurance may be sold in this state.
(2) The requirements of the Travel Insurance Act shall apply to travel insurance that covers any resident of this state or that is sold, solicited, negotiated, or offered in this state and to policies and certificates of travel insurance that are delivered or issued for delivery in this state. The act shall not apply to cancellation fee waivers or travel assistance services except as expressly provided in the act.
(3) All other applicable provisions of the insurance laws of this state shall continue to apply to travel insurance, except that the specific provisions of the Travel Insurance Act shall supersede any general provisions of law that would otherwise be applicable to travel insurance.
Source
Laws 2022, LB863, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9305 - Premium tax; documentation; reporting.

44-9305.
Premium tax; documentation; reporting.
(1) A travel insurer shall pay premium tax, as provided in Chapter 77, article 9, on travel insurance premiums paid by:
(a) An individual primary policyholder who is a resident of this state;
(b) A primary certificate holder who is a resident of this state and elects coverage under a group travel insurance policy; or
(c) A blanket travel insurance policyholder that is a resident in or has its principal place of business or the principal place of business of an affiliate or subsidiary that has purchased blanket travel insurance in this state for eligible blanket group members, subject to any apportionment rules which apply to the insurer across multiple taxing jurisdictions or that permit the insurer to allocate premium on an apportioned basis in a reasonable and equitable manner in those jurisdictions.
(2) A travel insurer shall:
(a) Document the state of residence or principal place of business of the policyholder or certificate holder; and
(b) Report as premium only the amount allocable to travel insurance only and not any amounts received for travel assistance services or cancellation fee waivers.
Source
Laws 2022, LB863, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9306 - Travel protection plans; conditions.

44-9306.
Travel protection plans; conditions.
Travel protection plans may be offered for one price for the combined features that the travel protection plan offers in this state if:
(1) Such plans clearly disclose to the consumer, at or prior to the time of purchase, that the plans include travel insurance, travel assistance services, and cancellation fee waivers as applicable, and the person provides information and an opportunity, at or prior to the time of purchase, for the consumer to obtain additional information regarding the features and pricing of each; and
(2) The fulfillment materials:
(a) Describe and delineate the travel insurance, travel assistance services, and cancellation fee waivers in the travel protection plans; and
(b) Include the travel insurance disclosures and contact information for persons providing the travel assistance services and cancellation fee waivers, as applicable.
Source
Laws 2022, LB863, § 6.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9308 - Travel administrator; requirements; responsibilities.

44-9308.
Travel administrator; requirements; responsibilities.
(1) No person shall act as or represent that such person is a travel administrator for travel insurance in this state unless such person:
(a) Is a licensed property and casualty insurance producer in this state for activities permitted under such producer license;
(b) Holds a valid managing general agent license in this state; or
(c) Holds a valid third-party administrator license in this state.
(2) A travel administrator and such travel administrator's employees are exempt from the licensing requirements of adjusters for travel insurance such administrator and its employees administer.
(3) An insurer is responsible for the acts of a travel administrator administering travel insurance underwritten by the insurer and is responsible for ensuring that the travel administrator maintains all books and records relevant to the insurer to be made available by the travel administrator to the department upon request.
Source
Laws 2022, LB863, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9309 - Travel insurance; classified as inland marine line of insurance; form; standards.

44-9309.
Travel insurance; classified as inland marine line of insurance; form; standards.
(1) Travel insurance shall be classified and filed for purposes of rates and forms under an inland marine line of insurance, however, travel insurance that provides coverage for sickness, accident, disability, or death occurring during travel, either exclusively, or in conjunction with related coverages of emergency evacuation, repatriation of remains, or incidental limited property and casualty benefits such as baggage or trip cancellation, may be filed under either an accident and health line of insurance or an inland marine line of insurance.
(2) Travel insurance may be in the form of an individual, group, or blanket policy.
(3) Eligibility and underwriting standards for travel insurance may be developed and provided based on travel protection plans designed for individual or identified marketing or distribution channels, so long as those standards also meet this state's underwriting standards for inland marine lines of insurance.
Source
Laws 2022, LB863, § 9.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9401 - Act, how cited.

44-9401.
Act, how cited.
Sections 44-9401 to 44-9410 shall be known and may be cited as the Insurance Regulatory Sandbox Act.
Source
Laws 2023, LB92, § 88.
Operative Date: September 2, 2023
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9402 - Purpose of act.

44-9402.
Purpose of act.
The purpose of the Insurance Regulatory Sandbox Act is to create a regulatory sandbox program under the Department of Insurance which allows a participant to temporarily test innovative insurance products or services on a limited basis without otherwise being licensed or authorized to act under the laws of the state.
Source
Laws 2023, LB92, § 89.
Operative Date: September 2, 2023
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-9403 - Terms, defined.

44-9403.
Terms, defined.
For purposes of the Insurance Regulatory Sandbox Act:
(1) Applicable agency means a department or agency of the state that, by law, regulates certain types of insurance-related business activity in the state and persons engaged in such insurance-related business activity. This includes the issuance of licenses or any other types of authorization which the department determines would otherwise regulate a sandbox participant;
(2) Applicant means an individual or entity that is applying to participate in the regulatory sandbox;
(3) Consumer means a person that purchases or otherwise enters into a transaction agreement to receive an innovative insurance product or service that is being tested by a sandbox participant;
(4) Department means the Department of Insurance;
(5) Innovation means the use or incorporation of a new or emerging technology or a new use of existing technology, including blockchain technology, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the department to have a comparable widespread offering in the state;
(6) Innovative insurance product or service means an insurance product or service that includes an innovation;
(7) Insurance product or service means an insurance-related product or service that requires state licensure, registration, or other authorization as regulated by state law, including any insurance-specific business model, delivery mechanism, or element that requires a license, registration, or other authorization;
(8) Regulatory sandbox means the program created in section 44-9404 which allows a person to temporarily test an innovative insurance product or service on a limited basis without otherwise being licensed or authorized to act under the laws of the state;
(9) Sandbox participant means a person whose application to participate in the regulatory sandbox is approved in accordance with the Insurance Regulatory Sandbox Act; and
(10) Test means to provide an innovative insurance product or service in accordance with the Insurance Regulatory Sandbox Act.
Source
Laws 2023, LB92, § 90.
Operative Date: September 2, 2023