reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-009 - Testimonials or Endorsements by Third Parties

Current through June 17, 2024
009.01 Testimonials
				used in advertisements must be genuine, represent the current opinion of the
				author, be applicable to the policy advertised and be accurately reproduced.
				The insurer, in using a testimonial, makes as its own all of the statements
				contained therein, and the advertisement, including such statement, is subject
				to all the provisions of these rules.
009.02 If the person making a testimonial, an
				endorsement or an appraisal has a financial interest in the insurer or a
				related entity as a stockholder, director, officer, employee, or otherwise,
				such fact shall be disclosed in the advertisement. If a person is compensated
				for making a testimonial, endorsement or appraisal, such fact shall be
				disclosed in the advertisement by language substantially as follows:
"Paid Endorsement. "This rule does not require disclosure of
				  union "scale" wages required by union rules if the payment is actually for such
				  "scale" for TV or radio performances. The payment of substantial amounts,
				  directly or indirectly, for "travel and entertainment" for filming or recording
				  of TV or radio advertisements remove the filming or recording from the category
				  of an unsolicited testimonial and require disclosure of such compensation. This
				  rule does not apply to an institutional advertisement which has as its sole
				  purpose the promotion of the insurer.
009.03 An advertisement shall not state or
				imply that an insurer or a policy has been approved or endorsed by any
				individual, group of individuals, society, association or other organizations,
				unless such is the fact, and unless any proprietary relationship between an
				organization and the insurer is disclosed. If the entity making the endorsement
				or testimonial has been formed by the insurer or is owned or controlled by the
				insurer or the person or persons who own or control the insurer, such fact
				shall be disclosed in the advertisement.
009.04 When a testimonial refers to benefits
				received under a policy, the specific claim data, including claim number, date
				of loss, and other pertinent information shall be retained by the insurer for
				inspection for a period of four years or until the filing of the next regular
				report on examination of the insurer, whichever is the longer period of
				time.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-010 - Use of statistics

Current through June 17, 2024
010.01 An
				advertisement relating to the dollar amounts of claims paid, the number of
				persons insured, or similar statistical information relating to any insurer or
				policy shall not use irrelevant facts, and shall not be used unless it
				accurately reflects all of the relevant facts. Such an advertisement shall not
				imply that such statistics are derived from the policy advertised unless such
				is the fact, and when applicable to other policies or plans shall specifically
				so state.
010.02 An advertisement
				shall not represent or imply that claim settlements by the insurer are
				"liberal" or "generous", or use words of similar import, or that claim
				settlements are or will be beyond the actual terms of the contract. An unusual
				amount paid for a unique claim for the policy advertised is misleading and
				shall not be used.
010.03 The
				source of any statistics used in an advertisement shall be identified in such
				advertisement.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-011 - Identification of plan or number of policies

Current through June 17, 2024
011.01 When a
				choice of the amount of benefits is referred to, an advertisement which is an
				invitation to contract shall disclose that the amount of benefits provided
				depends upon the plan selected and that the premium will vary with the amount
				of the benefits selected.
011.02
				When an advertisement which is an invitation to contract refers to various
				benefits which may be contained in two or more policies, other than group
				master policies, the advertisement shall disclose that such benefits are
				provided only through a combination of such policies.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-012 - Disparaging comparisons and statements

Current through June 17, 2024
An advertisement shall not directly or indirectly make unfair
				  or incomplete comparisons of policies or benefits or comparisons of
				  non-comparable policies of other insurers, and shall not disparage competitors,
				  their policies, services or business methods, and shall not disparage or
				  unfairly minimize methods of marketing insurance.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-013 - Jurisdictional Licensing and Status of Insurer

Current through June 17, 2024
013.01 The
				advertisement which is intended to be seen or heard beyond the limits or the
				jurisdiction in which the insurer is licensed shall not imply licensing beyond
				those limits.
013.02 An
				advertisement shall not create the impression directly or indirectly that the
				insurer, its financial condition or status, or the payment of its claims, or
				the merits, desirability, or advisability of its policy forms or kinds or plans
				of insurance are approved, endorsed, or accredited by any division or agency of
				this State or the United States Government.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-014 - Identity of Insurer

Current through June 17, 2024
014.01 The name of
				the actual insurer shall be stated in all of its advertisements. The form
				number or numbers of the policy advertised shall be stated in an advertisement
				which is an invitation to contract. An advertisement shall not use a trade
				name, any insurance group designation, name of the parent company of the
				insurer, name of a particular division of the insurer, service mark, slogan,
				symbol or other device which without disclosing the name of the actual insurer
				would have the capacity and tendency to mislead or deceive as to the true
				identity of the insurer.
014.02 No
				advertisement shall use any combination of words, symbols, or physical
				materials which by their content, phraseology, shape, color or other
				characteristics are so similar to combination of words, symbols or physical
				materials used by agencies of the federal government or of this State, or
				otherwise appear to be of such a nature that it tends to confuse or mislead
				prospective insureds into believing that the solicitation is in some manner
				connected with an agency of the municipal, state, or federal
				government.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-015 - Group or Quasi-Group Implications

Current through June 17, 2024
An advertisement of a particular policy shall not state or
				  imply that prospective insureds become group or quasi-group members covered
				  under a group policy and as such enjoy special rates or underwriting
				  privileges, unless such is the fact.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-017 - Statements About an Insurer

Current through June 17, 2024
An advertisement shall not contain statements which are
				  untrue in fact, or by implication misleading, with respect to the assets,
				  corporate structure, financial standing, age or relative position of the
				  insurer in the insurance business. An advertisement shall not contain a
				  recommendation by any commercial rating system unless it clearly indicates the
				  purpose of the recommendation and the limitations of the scope and extent of
				  the recommendation.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-018 - Enforcement Procedures

Current through June 17, 2024
018.01 Advertising
				File
Each insurer shall maintain at its home or principal office a
				  complete file containing every printed, published or prepared advertisement of
				  its individual policies and typical printed, published or prepared
				  advertisements of its blanket, franchise and group policies hereafter
				  disseminated in this or any other state whether or not licensed in such other
				  state, with a notation attached to each such advertisement which shall indicate
				  the manner and extent of distribution and the form number of any policy
				  advertised. Such file shall be subject to regular and periodical inspection by
				  this Department. All such advertisements shall be maintained in said file for a
				  period of either four years or until the filing of the next regular report of
				  examination of the insurer, whichever is the longer period of
				  time.
018.02 Certificate of
				Compliance
Each insurer required to file an Annual Statement which is
				  now or which hereafter becomes subject to the provisions of these rules must
				  file with this Department with its Annual Statement a Certificate of Compliance
				  executed by an authorized officer of the insurer wherein it is stated that to
				  the best of his knowledge, information and belief the advertisements which were
				  disseminated by the insurer during the preceding statement year complied or
				  were made to comply in all respects with the provisions of these rules and the
				  Insurance Laws of this State as implemented and interpreted by these
				  rules.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 14 - ADVERTISEMENTS OF ACCIDENT AND SICKNESS INSURANCE › Section 210-14-019 - Severability Provision

Current through June 17, 2024
If any Section or portion of a Section of these rules, or the
				  applicability thereof to any person or circumstance is held invalid by a court,
				  the remainder of the rules, or the applicability of such provision to other
				  persons or circumstances, shall not be affected thereby.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-001 - Authority

Current through June 17, 2024
The following regulations applicable to variable life
				  insurance policies are promulgated under the authority of Neb.Rev.Stat. §
									44-101.01,
				  and are operative January 1, 1985.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-003 - Qualification of insurer to issue variable life insurance

Current through June 17, 2024
The following requirements are applicable to all insurers
				  either seeking authority to issue variable life insurance in this state or
				  having authority to issue variable life insurance in this state.
003.01 Licensing and Approval to Do Business
				in This State. An insurer shall not deliver or issue for delivery in this state
				any variable life insurance policy unless:
003.01A the insurer is licensed or organized
				to do a life insurance business in this state;
003.01B the insurer has obtained the written
				approval of the Director for the issuance of variable life insurance policies
				in this state. The Director shall grant such written approval only after he has
				found that:
003.01B(1) the plan of operation
				for the issuance of variable life insurance policies is not unsound;
003.01B(2) the general character, reputation,
				and experience of the management and those persons or firms proposed to supply
				consulting, investment, administrative, or custodial services to the insurer
				are such as to reasonably assure competent operation of the variable life
				insurance business of the insurer in this state; and
003.01B(3) the present and foreseeable future
				financial condition of the insurer and its method of operation in connection
				with the issuance of such policies is not likely to render its operation
				hazardous to the public or its policyholders in this state. The Commissioner
				shall consider, among other things:
003.01B(3)(a) the history of operation and
				financial condition of the insurer;
003.01B(3)(b) the qualifications, fitness,
				character, responsibility, reputation, and experience of the officers and
				directors and other management of the insurer and those persons or firms
				proposed to supply consulting, investment, administrative, or custodial
				services to the insurer;
003.01B(3)(c) the applicable law and
				regulations under which the insurer is authorized in its state of domicile to
				issue variable life insurance policies. The state of entry of an alien insurer
				shall be deemed its state of domicile for this purpose; and
003.01B(3)(d) if the insurer is a subsidiary
				of, or is affiliated by common management or ownership with another company,
				its relationship to such other company and the degree to which the requesting
				insurer, as well as the other company, meet these standards.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-004 - Insurance policy requirements

Current through June 17, 2024
Policy Qualifications. The Director shall not approve any
				  variable life insurance form filed pursuant to this regulation unless it
				  conforms to the requirements of this Section.
004.01 Filing of Variable Life Insurance
				Policies: All variable life insurance policies, and all riders, endorsements,
				applications, and other related documents which are to be attached to and made
				a part of the policy and which relate to the variable nature of this policy,
				shall be filed with the Director and approved by him in writing prior to
				delivery or issuance for delivery in this state.
004.01A The procedure and requirements for
				such filing and approval shall be, to the extent appropriate and not
				inconsistent with this regulation, the same as those otherwise applicable to
				other life insurance policies.
004.01B The Director may approve variable
				life insurance policies and related forms with provisions the Director deems to
				be not less favorable to the policyholder and the beneficiary than those
				required by this regulation.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-006 - Separate accounts

Current through June 17, 2024
The following requirements apply to the establishment and
				  administration of variable life insurance separate accounts by any domestic
				  insurer:
006.01 Establishment and
				Administration of Separate Accounts
Any domestic insurer issuing variable life insurance shall
				  establish one or more separate accounts pursuant to Neb.Rev.Stat. §
										44-402.01.
006.01A If no law or other regulation
				provides for the custody of separate account assets and if such insurer is not
				the custodian of such separate account assets, all contracts for custody of
				such assets shall be in writing and the Director shall have authority to review
				and approve both of the terms of any such contract and the proposed custodian
				prior to the transfer of custody.
006.01B Such insurer shall not without the
				prior written approval of the Director employ in any material connection with
				the handling of separate account assets any person who:
006.01B(1) within the last ten years has been
				convicted of any felony or a misdemeanor arising out of such person's conduct
				involving embezzlement, fraudulent conversion, or misappropriation of funds or
				securities or involving violation of Sections 1341, 1342, or 1343 of Title 18,
				United States Code; or
006.01B(2)
				within the last ten years has been found by any state regulatory authority to
				have violated or has acknowledged violation of any provision of any state
				insurance law involving fraud, deceit, or knowing misrepresentation; or
006.01B(3) within the last ten
				years has been found by federal or state regulatory authorities to have
				violated or has acknowledged violation of any provision of federal or state
				securities laws involving fraud, deceit, or knowing misrepresentation.
006.01C All persons
				with access to the cash, securities, or other assets of the separate account
				shall be under bond in an amount of not less than $500, 000.00.
006.01D The assets of such separate accounts
				shall be valued at least as often as variable benefits are determined but in
				any event at least monthly.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-007 - Information furnished to applicant

Current through June 17, 2024
An insurer delivering or issuing for delivery in this state
				  any variable life insurance policies shall deliver to the applicant for the
				  policy, and obtain a written acknowledgement of receipt from such applicant
				  coincident with or prior to the execution of the application, the following
				  information. The requirements of this Section shall be deemed to have been
				  satisfied to the extent that a disclosure containing information required by
				  this Section is delivered, either in the form of (1) a prospectus included in
				  the requirements of the Securities Act of 1933 and which was declared effective
				  by the Securities and Exchange Commission; or (2) all information and reports
				  required by the Employee Retirement Income Security Act of 1974 if the policies
				  are exempted from the registration requirements of the Securities Act of 1933
				  pursuant to Section 3(a) (2) thereof.
007.01 A summary explanation, in
				non-technical terms, of the principal features of the policy, including a
				description of the manner in which the variable benefits will reflect the
				investment experience of the separate account and the factors which affect such
				variation. Such explanation must include notices of the provision required by
				Subsections
				004.03A5 and
				004.03F;
007.02 A statement of the investment policy
				of the separate account, including:
007.02A a
				description of the investment objectives intended for the separate account and
				the principal types of investments intended to be made; and
007.02B any restriction or limitations on the
				manner in which the operations of the separate account are intended to be
				conducted.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-008 - Applications

Current through June 17, 2024
The application for a variable life insurance policy shall
				  contain:
008.01 A prominent statement
				that the death benefit may be variable or fixed under specified
				conditions;
008.02 A prominent
				statement that cash values may increase or decrease in accordance with the
				experience of the separate account (subject to any specified minimum
				guarantees);
008.03 Questions
				designed to elicit information which enables the insurer to determine the
				suitability of variable life insurance for the applicant.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-009 - Reports to policyholders

Current through June 17, 2024
Any insurer delivering or issuing for delivery in this state
				  any variable life insurance policies shall mail to each variable life insurance
				  policyholder at his or her last known address the following reports:
009.01 Within thirty days after each
				anniversary of the policy, a statement or statements of the cash surrender
				value, death benefit, any partial withdrawal or policy loan, any interest
				charge, any optional payments allowed pursuant to,Subsection 004.04 under the
				policy computed as of the policy anniversary date. Provided, however, that such
				statement may be furnished within thirty days after a specified date in each
				policy year so long as the information contained therein is computed as of a
				date not more than sixty days prior to the mailing of such notice. This
				statement shall state that, in accordance with the investment experience of the
				separate account, the cash values and the variable death benefit may increase
				or decrease, and shall prominently identify any value described therein which
				may be recomputed prior to the next statement required by this Section. If the
				policy guarantees that the variable death benefit on the next policy
				anniversary date will not be less than the variable death benefit specified in
				such statement, the statement shall be modified to so indicate. For flexible
				premium policies, the report must contain a reconciliation of the change since
				the previous report in cash value and cash surrender value, if different,
				because of payments made (less deductions for expense charges), withdrawals,
				investment experience, insurance charges and any other charges made against the
				cash value. In addition, the report must show the projected cash value and cash
				surrender value, if different, as of one year from the end of the period
				covered by the report assuming that:
(i)
				planned periodic premiums, if any, are paid as scheduled;
(ii) guaranteed costs of insurance are
				deducted; and
(iii) the net
				investment return is equal to the guaranteed rate or, in the absence of a
				guaranteed rate, is not greater than zero. If the projected value is less than
				zero, a warning message must be included that states that the policy may be in
				danger of terminating without value in the next 12 months unless additional
				premium is paid.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-010 - Foreign companies

Current through June 17, 2024
If the law or regulation in the place of domicile of a
				  foreign company provides a degree of protection to the policyholders and the
				  public which is substantially similar to that provided by these regulations,
				  the Director to the extent deemed appropriate by him in his discretion, may
				  consider compliance with such law or regulation as compliance with these
				  regulations.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-011 - Qualifications of agents for the sale of variable life insurance

Current through June 17, 2024
011.01
				Qualification to Sell Variable Life Insurance:
011.01A No person may sell or offer for sale
				in this state any variable life insurance policy unless such person is an agent
				and has filed with the Director, in a form satisfactory to the Director,
				evidence that such person holds any license or authorization which may be
				required for the solicitation or sale of variable life insurance.
011.01B Any examination administered by the
				Department for the purpose of determining the eligibility of any person for
				licensing as an agent shall, after the effective date of this regulation,
				include such questions concerning the history, purpose, regulation, and sale of
				variable life insurance as the Director deems appropriate.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 15 - VARIABLE LIFE INSURANCE CONTRACTS › Section 210-15-012 - Separability article

Current through June 17, 2024
If any provision of this regulation or the application
				  thereof to any person or circumstance is for any reason held to be invalid, the
				  remainder of the regulation and the application of such provision to other
				  persons or circumstances shall not be affected thereby.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 17 - MARINE AND INLAND MARINE INSURANCE - UNDERWRITING REGULATION › Section 210-17-001 - Statutory authority

Current through June 17, 2024
Under the authority of
Neb.Rev.Stat
.
				  §
									44-101.01
				  and §
									44-7501
et seq
., the Department of Insurance hereby adopts the
				  following Rule to govern the underwriting authority of marine and
				  transportation underwriters.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 17 - MARINE AND INLAND MARINE INSURANCE - UNDERWRITING REGULATION › Section 210-17-002 - Restrictions on writing

Current through June 17, 2024
Marine or inland marine insurance shall not be written to
				  cover properties or classes thereof which are by general custom of the
				  insurance business a proper subject for fire and allied insurance only, unless
				  application to underwrite such properties or classes thereof on a marine,
				  inland marine, or floater basis is made to and approved by the Director of
				  Insurance.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 17 - MARINE AND INLAND MARINE INSURANCE - UNDERWRITING REGULATION › Section 210-17-003 - Nation-wide marine definitions

Current through June 17, 2024
The so-called "Nation-Wide Marine Definition," as adopted by
				  the National Association of Insurance Commissioners in 1933 and as
subsequently
amended shall be considered as a general
				  guide in administering section 002 above and in interpreting the statutory
				  definition of marine and inland marine insurance which appears in
Neb.Rev.Stat.
§
									44-201.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 17 - MARINE AND INLAND MARINE INSURANCE - UNDERWRITING REGULATION › Section 210-17-004 - Severability

Current through June 17, 2024
If any section or portion of this Rule or applicability
				  thereof to any person or circumstance is held invalid by a court, the remainder
				  of the rule or the applicability of such provision to other persons or
				  circumstances shall not be affected thereby.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-002 - Purpose

Current through June 17, 2024
The purpose of this Rule is:
002.01 To regulate the activities of insurers
				and producers with respect to the replacement of existing life insurance and
				annuities;
002.02 To protect the
				interests of life insurance and annuity purchasers by establishing minimum
				standards of conduct to be observed in replacement transactions or financed
				purchases by:
002.02A Assuring that the
				purchasers receive information with which a decision can be made in his or her
				own best interest;
002.02B Reducing
				the opportunity for misrepresentation and incomplete disclosures; and
002.02C Establishing penalties for failure to
				comply with the requirements of this Rule.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-004 - Definition of replacement

Current through June 17, 2024
"Replacement" means any transaction in which a new policy or
				  contract is to be purchased, and it is known or should be known to the
				  proposing producer, or to the proposing insurer if there is no producer, that
				  by reason of the transaction, an existing policy or contract has been or is to
				  be:
004.01 Lapsed, forfeited,
				surrendered, or partially surrendered, assigned to the replacing insurer or
				otherwise terminated;
004.02
				Converted to reduced paid-up insurance, continued as extended term insurance,
				or otherwise reduced in value by the use of nonforfeiture benefits or other
				policy values;
004.03 Amended so as
				to effect either a reduction in benefits or in the term for which coverage
				would otherwise remain in force or for which benefits would be paid;
004.04 Reissued with any reduction in cash
				value; or
004.05 Used in a financed
				purchase.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-005 - Other definitions

Current through June 17, 2024
005.01
				Direct-response solicitation
"Direct-response solicitation" means a solicitation through a
				  sponsoring or endorsing entity or individually solely through mails, telephone,
				  the Internet or other mass communication media.
005.02 Existing Insurer
"Existing Insurer" means the insurance company whose policy
				  or contract is or will be changed or affected in a manner described within the
				  definition of "replacement."
005.03 Existing policy or contract
"Existing policy or contract" means an individual life
				  insurance policy (policy) or annuity contract (contract) in force, including a
				  policy under a binding or conditional receipt or a policy or contract that is
				  within an unconditional refund period.
005.04 Financed purchase
"Financed purchase" means the purchase of a new policy
				  involving the actual or intended use of funds obtained by the withdrawal or
				  surrender of, or by borrowing from values of an existing policy to pay all or
				  part of any premium due on the new policy. For purposes of a regulatory review
				  of an individual transaction only, if a withdrawal, surrender or borrowing
				  involving the policy values of an existing policy is used to pay premiums on a
				  new policy owned by the same policyholder and issued by the same company within
				  four (4) months before or thirteen (13) months after the effective date of the
				  new policy, it will be deemed prima facie evidence of the policyholder's intent
				  to finance the purchase of the new policy with existing policy values. This
				  prima facie standard is not intended to increase or decrease the monitoring
				  obligations contained in Subsection
				  008.01E of this
				  regulation.
005.05
				Illustration
"Illustration" means a presentation or depiction that
				  includes non-guaranteed elements of a policy of life insurance over period of
				  years as defined in 210 Neb. Admin. R. & Reg. 72.
005.06 Policy summary
"Policy summary," for purposes of this rule;
005.06A For policies or contracts other than
				universal life policies, means a written statement regarding a policy or
				contract which shall contain to the extent applicable, but not need to be
				limited to, the following information :.
005.06A(i) current death benefit;
005.06A(ii) annual contract
				premium;
005.06A(iii) current cash
				surrender value;
005.06A(iv)
				current dividend;
005.06A(v)
				application of current dividend; and
005.06A(vi) amount of outstanding
				loan.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-006 - Duties of Producers

Current through June 17, 2024
006.01 A producer
				who initiates the application shall submit to the insurer, with or as part of
				the application a statement signed by both the applicant and the producer as to
				whether the applicant has existing policies or contracts. If the answer is
				"no," the producer's duties with respect to the replacement is
				complete.
006.02 If the applicant
				answered "yes" to the question regarding existing coverage referred to in
				Subsection 006.01, the producer shall present and read to the applicant, not
				later than at the time of taking the application, a notice regarding
				replacements in the form as described in Appendix A or other substantially
				similar form approved by the director of the Department of Insurance or the
				director's designee. However, no approval shall be required when amendments to
				the notice are limited to the omission of references not applicable to the
				product being sold or replaced. The notice shall be signed by both the
				applicant and the producer attesting that the notice has been read aloud by the
				producer or that the applicant did not wish the notice to be read aloud (in
				which case the producer need not have read the notice aloud) and left with the
				applicant.
006.03 The notice shall
				list all life insurance policies or annuities proposed to be replaced, properly
				identified by name of insurer, the insured or annuitant, and policy or contract
				number if available, and shall include a statement as to whether each policy or
				contract will be replaced or whether a policy will be used as a source of
				financing for the new policy or contract. If a policy or contract number has
				not been issued by the existing insurer, alternative identification, such as an
				application or receipt number, shall be listed.
006.04 In connection with a replacement
				transaction, the producer shall leave with the applicant, at the time an
				application for the new policy or contract is completed, the original or a copy
				or all sales material. With respect to electronically presented sales material,
				it shall be provided to the policy or contract owner in printed form no later
				than at the time of policy or contract delivery.
006.05 Except as provided in Subsection
				009.03, in connection with a replacement transaction the producer shall submit
				to the insurer to which an application for a policy or contract is presented, a
				copy of each document required by this section, a statement identifying any
				preprinted or electronically presented company approved sales materials used,
				and copies of any individual sales material, including any illustrations
				related to the specific policy or contract purchased.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-008 - Duties of Insurers that use Producers

Current through June 17, 2024
Each insurer shall:
008.01 Maintain a system of supervision and
				control to ensure compliance with the requirements of this regulation that
				shall include at least the following:
008.01A
				Inform its producers of the requirements of this regulation and incorporate the
				requirements of this regulation into all relevant producer training manuals
				prepared by the insurer;
008.01B
				Provide to each producer a written statement of the company's position with
				respect to the acceptability of replacements providing guidance to its producer
				as to the appropriateness of these transactions;
008.01C A system to review the
				appropriateness of each replacement transaction that the producer does not
				indicate is in accord with Subsection
				008.01B
				above;
008.01D Procedures to
				confirm that the requirements of this regulation have been met; and
008.01E Procedures to detect transactions
				that are replacements of existing policies or contracts by the existing
				insurer, but that have not been reported as such by the applicant or producer.
				Compliance with this regulation may include, but shall not be limited to,
				systematic customer surveys, interviews, confirmation letters, or programs of
				internal monitoring;
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-009 - Duties of Replacing Insurers that Use Producers

Current through June 17, 2024
009.01 Where a
				replacement is involved in the transaction, the replacing insurer shall:
009.01A Verify that the required forms are
				received and are in compliance with this rule;
009.01B Notify any other existing insurer
				that may be affected by the proposed replacement within five (5) business days
				of receipt of a completed application indicating replacement or when the
				replacement is identified if not indicated on the application, and mail a copy
				of the available illustration or policy summary for the proposed policy or
				available disclosure document for the proposed contract within five (5)
				business days of a request from an existing insurer;
009.01C Be able to produce copies of the
				notification regarding replacement required in Subsection 006.02, indexed by
				producer, for at least five (5) years or until the next regular examination by
				the insurance department of a company's state of domicile, whichever is later;
				and
009.01D Provide to the policy
				or contract owner notice of the right to return the policy or contract within
				thirty (30) days of the delivery of the contract and receive an unconditional
				full refund of all premiums or considerations paid on it, including any policy
				fees or charges or, in the case of a variable or market value adjustment policy
				or contract, a payment of the cash surrender value provided under the policy or
				contract plus the fees and other charges deducted from the gross premiums or
				considerations or imposed under such policy or contract; such notice may be
				included in Appendix A or C.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-010 - Duties of the Existing Insurer

Current through June 17, 2024
010.01 Where a
				replacement is involved in the transaction, the existing insurer shall:
010.01A Retain and be able to produce all
				replacement notifications received, indexed by replacing insurer, for at least
				five (5) years or until the conclusion of the next regular examination
				conducted by the Insurance Department of its state of domicile, whichever is
				later.
010.01B Send a letter to the
				policy or contract owner of the right to receive information regarding the
				existing policy or contract values including, if available, an in force
				illustration or policy summary if an in force illustration cannot be produced
				within five (5) business days of receipt of a notice that an existing policy or
				contract is being replaced. The information shall be provided within five (5)
				business days of receipt of the request from the policy or contract
				owner.
010.01C Upon receipt of a
				request to borrow, surrender or withdraw any policy values, send a notice,
				advising the policy owner that the release of policy values may affect the
				guaranteed elements, non-guaranteed elements, face amount or surrender value of
				the policy from which the values are released. The notice shall be sent
				separate from the check if the check is sent to anyone other than the policy
				owner. In the case of consecutive automatic premium loans, the insurer is only
				required to send the notice at the time of the first loan.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-011 - Duties of Insurers with Respect to Direct Response Solicitations

Current through June 17, 2024
011.01 In the case
				of an application that is initiated as a result of a direct response
				solicitation, the insurer shall require with or as part of each completed
				application for a policy or contract, a statement asking whether the applicant,
				by applying for the proposed policy or contract, intends to replace,
				discontinue or change an existing policy or contract. If the applicant
				indicates a replacement or change is not intended or if the applicant fails to
				respond to the statement, the insurer shall send the applicant, with the policy
				or contract, a notice regarding replacement in Appendix B, or other
				substantially similar form approved by the director.
011.02 If the insurer has proposed the
				replacement or if the applicant indicates a replacement is intended and the
				insurer continues with the replacement, the insurer shall:
011.02A Provide to applicants or prospective
				applicants with the policy or contract a notice, as described in Appendix C, or
				other substantially similar form approved by the director. In these instances
				the insurer may delete the references to the producer, including the producer's
				signature, and references not applicable to the product being sold or replaced,
				without having to obtain approval of the form from the director. The insurer's
				obligation to obtain the applicant's signature shall be satisfied if it can
				demonstrate that it has made a diligent effort to secure a signed copy of the
				notice referred to in this paragraph. The requirement to make a diligent effort
				shall be deemed satisfied if the insurer includes in the mailing a
				self-addressed postage prepaid envelope with instructions for the return of the
				signed notice referred to in this section; and
011.02B Comply with the requirements of
				Subsection
				009.01B, if the
				applicant furnishes the names of the existing insurers, and the requirements of
				Subsections
				009.01C,
				009.01D and
				009.02.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Section 210-19-012 - Violations and Penalties

Current through June 17, 2024
012.01 Any failure
				to comply with this regulation shall be considered a violation of the Nebraska
				Unfair Insurance Trade Practices as set forth in Neb. Rev. Stat. §§
									44-1521
				to
				44-1535.
				Examples of violations include, but are not limited to:
012.01A Any deceptive or misleading
				information set forth in sales material;
012.01B Failing to ask the applicant in
				completing the application the pertinent questions regarding the possibility of
				financing or replacement;
012.01C
				The intentional incorrect recording of an answer;
012.01D Advising an applicant to respond
				negatively to any question regarding replacement in order to prevent notice to
				the existing insurer; or
012.01E
				Advising a policy or contract owner to write directly to the company in such a
				way as to attempt to obscure the identity of the replacing producer or
				company.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 19 › Appendix B - Notice Regarding Replacement Replacing your Life Insurance Policy or Annuity?

Current through June 17, 2024
Are you thinking about buying a new life insurance policy or
				  annuity and discontinuing or changing an existing one? If you are, your
				  decision could be a good one--or a mistake. You will not know for sure unless
				  you make a careful comparison of your existing benefits and the proposed policy
				  or contract's benefits.
Make sure you understand the facts. You should ask the
				  company or agent that sold you your existing policy or contract to give you
				  information about it.
Hear both sides before you decide. This way you can be sure
				  you are making a decision that is in your best interest.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 22 - CREDIT LIFE, ACCIDENT AND HEALTH INSURANCE › Section 210-22-001 - Statutory authority

Current through June 17, 2024
Pursuant to the authority granted in
Neb.Rev.Stat. §
44-101.01 .
the Credit
				  Life and Credit Health and Accident Insurance Act,
				  §§
44-1701
through
44-171,
§
44-1601
§
44-1603
				  and
§
44-1607, the following Departmental Rule is
				  adopted.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 22 - CREDIT LIFE, ACCIDENT AND HEALTH INSURANCE › Section 210-22-002 - Definitions

Current through June 17, 2024
For the purpose of this Rule:
"The Act" means
the Credit Life and Credit Health
				  and Accident Insurance Act, Neb.Rev.Stat.
				  §§
44-1701
through
44-1713.
"Premium" means the total amount of money paid for insurance
				  coverage subject to the Act upon the person of any individual debtor.
"Identifiable charge" means the total amount of money paid
				  by the individual debtor for insurance coverage subject to the Act.
The definitions set forth in Section 2 of the Act are adopted
				  as full and completely as if set forth herein.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 22 - CREDIT LIFE, ACCIDENT AND HEALTH INSURANCE › Section 210-22-003 - Existing insurance - choice of insurer

Current through June 17, 2024
When credit life insurance or credit accident and health
				  insurance is required by a creditor, the debtor shall have the option, upon
				  notice to the creditor, of furnishing existing policies of insurance, or
				  procuring and furnishing new policies of insurance, owned or controlled by him
				  and issued by any insurer authorized to transact business in this state for an
				  amount no less than the indebtedness, and for the term and type of insurance
				  coverage required. Insurers writing credit life insurance and credit accident
				  and health insurance shall be responsible for establishment of procedures
				  whereby debtors are furnished a prominent written notice informing them of said
				  option.