reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-002 - Purpose

Current through June 17, 2024
This rule sets forth minimum standards for the investigation
				  and disposition of property and casualty claims occurring in the State of
				  Nebraska and arising under insurance policies or certificates which, if
				  violated with such frequency as to indicate a general business practice or
				  committed flagrantly and in conscious disregard, would constitute a violation
				  of the Unfair Insurance Claims Settlement Practices Act or any rule or
				  regulation promulgated thereunder. It is not intended to cover claims involving
				  workers' compensation, fidelity, suretyship or boiler and machinery insurance.
				  Various provisions of this rule are intended to define procedures and practices
				  which constitute unfair insurance claims practices. This rule is not exclusive
				  and other acts, not herein specified, may also be found to constitute such
				  practices.
Nothing herein shall be construed to create nor imply a
				  private cause of action for violation of this rule. This is merely a
				  clarification of original intent and does not indicate any change of
				  position.
This rule shall not apply to claims involving only
				  subrogation rights.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-003 - Definitions

Current through June 17, 2024
All definitions contained in the Unfair Insurance Claims
				  Settlement Practices Act are hereby incorporated by reference. As otherwise
				  used in this regulation:
003.01 Agent
"Agent" means any individual, corporation, association,
				  partnership or other legal entity authorized to represent an insurer with
				  respect to a claim;
003.02
				Automobile
"Automobile" means a four wheel motor vehicle of the private
				  passenger, station wagon, pickup, panel or delivery type;
003.03 Claim file
"Claim file" means any retrievable electronic file,
				  microfilm/microfiche file, paper file, or any combination
				  thereof;
003.04 Claimant
"Claimant" means either a first party claimant, a third party
				  claimant, or both and includes the claimant's designation legal representative
				  or a member of the claimant's immediate family designated by the
				  claimant;
003.05 Days
"Days" means working days;
003.06 Documentation
"Documentation" includes, but is not limited to, all
				  pertinent communications, transactions, notes, work papers, claim forms, bills
				  and explanation of benefits forms relative to the claim;
003.07 First party claimant
"First party claimant" means an individual, corporation,
				  association, partnership or other legal entity asserting a right to payment
				  under an insurance policy or insurance contract arising out of the occurrence
				  of the contingency or loss covered by the policy or contract;
003.08 Investigation
"Investigation" means all activities of an insurer directly
				  or indirectly related to the determination of liabilities under coverages
				  afforded by an insurance policy or insurance contract;
003.09 Notification of claim
"Notification of claim" means any notification by a claimant,
				  whether in writing or by other means acceptable under the terms of an insurance
				  policy, business custom or statute, to an insurer or its agent which reasonably
				  apprises the insurer of the facts pertinent to a claim;
003.10 Third party claimant
"Third party claimant" means any person asserting a claim
				  against any person under a policy or certificate of an insurer;
				  and
003.11 Written
				communications
"Written communications" includes all correspondence,
				  regardless of source or type, that is related to the handling of the claim.
				  Written communications shall be effectively communicated when placed in the
				  mail with adequate first class postage.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-004 - File and record documentation

Current through June 17, 2024
Each insurer's claim files are subject to examination by the
				  Director of Insurance or by the Director's duly appointed designees. To aid in
				  such examination:
004.01 The insurer
				shall maintain claim data that is accessible and retrievable for examination.
				An insurer shall be able to provide the claim number, line of coverage, date of
				loss and date of payment of the claim, date of denial or date closed without
				payment. This data must be available for all open and closed files for the
				current year and the two preceding years.
004.02 Detailed documentation shall be
				contained in each claim file in order to permit reconstruction of the insurer's
				activities relative to each claim.
004.03 Each relevant document within the
				claim file shall be noted as to date received, date processed or date
				mailed.
004.04 For those insurers
				that do not maintain hard copy files, claim files must be accessible from
				Cathode Ray Tube (CRT), Video Display Terminal (VDT) or micrographics and be
				capable of duplication to hard copy.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-005 - Misrepresentation of policy provisions

Current through June 17, 2024
005.01 No agent or
				insurer shall knowingly misrepresent or conceal from first party claimants, any
				pertinent benefits, coverages, or other provisions of any insurance policy or
				insurance contract when such benefits, coverages or other provisions are
				pertinent to a claim.
005.02 A
				claim shall not be denied on the basis of failure to exhibit property unless
				there is documentation of a breach of the policy provisions present in the
				claim file.
005.03 No insurer shall
				deny a claim based upon the failure of a first party claimant to give written
				notice of loss within a specific time limit unless the written notice
				requirement is a written policy condition, or the first party claimant's
				failure to give written notice after being requested to do so is so
				unreasonable as to constitute a breach of the claimant's contractual duty to
				cooperate with the insurer.
005.04
				No insurer shall indicate to a first party claimant on a payment draft, check
				or in any accompanying letter that said payment is "final" or is "a release" of
				any claim(s) unless such is the case, or the policy limit has been paid, or
				there has been a compromise settlement agreed to by the first party claimant
				and the insurer as to coverage and amount payable under the contract.
005.05 No insurer shall issue checks or
				drafts in partial settlement of a loss or claim under a specific coverage that
				contains language purporting to release the insurer or its insured from total
				liability.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-006 - Failure to acknowledge pertinent communications

Current through June 17, 2024
006.01 Every
				insurer, upon receiving notification of a claim shall, within fifteen (15)
				days, acknowledge the receipt of such notice unless payment is made within that
				period of time. If an acknowledgement is made by means other than writing, an
				appropriate dated notation of the acknowledgement shall be made in the claim
				file of the insurer. Notification given to an agent of an insurer shall be
				notification to the insurer. If notification is given to an agent of an
				insurer, such agent may acknowledge receipt of such notice. Notice to an agent
				of an insurer shall not be notice to the insurer if such agent notifies the
				claimant that the agent is not authorized to receive notices of
				claim.
006.02 Every insurer, upon
				receipt of any inquiry from the Director respecting a claim shall furnish the
				Department, in duplicate, an adequate response to the inquiry or request
				additional reasonable time to respond within fifteen (15) days of receipt of
				such inquiry.
006.03 An appropriate
				reply shall be made within fifteen (15) days on all other pertinent
				communications from a claimant which reasonably suggest that a response is
				expected.
006.04 Every insurer,
				upon receiving notification of claim, shall provide, within fifteen (15) days,
				the necessary claim forms, instructions and reasonable assistance so that
				claimants can comply with the insurer's reasonable requirements and policy
				conditions. Compliance with this paragraph shall constitute compliance with
				Subsection 006.01.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-007 - Standards for the prompt investigation of claims

Current through June 17, 2024
Every insurer shall, within fifteen (15) days of notification
				  of claim, initiate investigation of any claim presented by a
				  claimant.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-010 - Standards for prompt, fair and equitable settlements applicable to fire and extended coverage type policies

Current through June 17, 2024
010.01 Replacement
				Cost Coverage
When the insurance policy authorizes for the adjustment and
				  settlement of losses based on replacement cost, the following shall
				  apply:
010.01(A) When a loss requires
				repair or replacement of an item or part, any consequential physical damage
				incurred in making such repair or replacement not otherwise excluded by the
				policy, shall be included in the loss. Repair or replacement of consequential
				physical damage which requires the use of materials which are better or
				superior to the damaged materials shall not be considered betterment unless the
				use of such materials is at the request of the insured.
010.01(B) When a loss requires replacement of
				items and the replacement items do not reasonably match in quality, color or
				size, the insurer shall replace all items in the area so as to conform to a
				reasonably uniform appearance. This applies to both interior and exterior
				losses. The insured shall not bear cost over any applicable
				deductible.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-011 - Standards for overpayment recovery applicable to all insurers

Current through June 17, 2024
011.01 No insurer
				shall withhold any portion of any benefit payable or request any refund, on the
				basis that the sum withheld or the refund requested is an adjustment or
				correction of an overpayment made on a prior claim arising under the same
				policy unless:
011.01(A) The insurer has
				within its files clear, documented evidence of an overpayment and written
				authorization from the claimant permitting such withholding procedure,
				or
011.01(B) The insurer has within
				its files clear, documented evidence that:
011.01(B)(1) The overpayment was clearly
				erroneous under the provisions of the policy. If the overpayment is the subject
				of a reasonable dispute as to facts, this procedure may not be used;
				and
011.01(B)(2) The error which
				resulted in the overpayment is not a mistake of law; and
011.01(B)(3) The insurer has notified the
				claimant within six (6) months of the date of the error, except that in
				instances of error prompted by representations or nondisclosures of claimants,
				the insurer notifies the claimant within fifteen (15) days after the date that
				clear, documented evidence of discovery of such error is included in its file;
				and
011.01(B)(4) Such notice states
				clearly the nature of the error, the amount of the overpayment, and the three
				year limitation as provided in
sub
section
				011.01(C).
011.01(C) An insurer may use the
				procedure set forth in
sub
section
				011.01(B)provided
				that the claim used to adjust the first overpayment is made no later than three
				years after the date of the error.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 60 - UNFAIR PROPERTY AND CASUALTY SETTLEMENT PRACTICES RULE › Section 210-60-012 - Severability

Current through June 17, 2024
If any section or portion of this Rule or the 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 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-001 - Authority

Current through June 17, 2024
This rule is adopted under the authority of the Unfair
				  Insurance Claims Settlement Practices Act, pursuant to
Neb.Rev.Stat
.
§
§
									44-1536
				  through
				  44-1544.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-002 - Purpose

Current through June 17, 2024
This rule sets forth minimum standards for the investigation
				  and disposition of life, sickness and accident claims occurring in the State of
				  Nebraska and arising under insurance policies or certificates which, if
				  violated with such frequency as to indicate a general business practice or is
				  committed flagrantly and in conscious disregard would constitute a violation of
				  the Unfair Insurance Claims Settlement Practices Act and any rule or regulation
				  promulgated thereunder. Various provisions of this rule are intended to define
				  procedures and practices which constitute unfair insurance claims practices.
				  This rule is not exclusive and other acts, not herein specified, may also be
				  found to constitute such practices.
Nothing herein shall be construed to create nor imply a
				  private cause of action for violation of this rule. This is merely a
				  clarification of original intent and does to indicate any change of
				  position.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-003 - Definitions

Current through June 17, 2024
All definitions contained in the Unfair Insurance Claims
				  Settlement Practices Act are hereby incorporated by reference. As otherwise
				  used in this regulation:
003.01 Agent
"Agent" means any individual, corporation, association,
				  partnership or other legal entity authorized to represent an insurer with
				  respect to a claim;
003.02
				Beneficiary
"Beneficiary" means a party entitled to receive the proceeds
				  or benefits occurring under the policy in lieu of the insured but shall not
				  include a medical services provider receiving an assignment of
				  proceeds;
003.03 Claim file
"Claim file" means any retrievable electronic file,
				  microfilm/microfiche file, paper file, or any combination
				  thereof;
003.04 Claimant
"Claimant" means an insured, or the beneficiary and includes
				  a designated legal representative or a member of the insured's immediate family
				  as designated by the insured, making a claim under a policy.
003.05 Days
"Days" means working days;
003.06 Documentation
"Documentation" includes, but is not limited to, all
				  pertinent communications, transactions, notes, work papers, claim forms, bills
				  and explanation of benefits forms relative to the claim;
003.07 Investigation
"Investigation" means all activities of an insurer directly
				  or indirectly related to the determination of liabilities under coverages
				  afforded by an insurance policy or certificate;
003.08 Notification of claim
"Notification of claim" means any notification by a claimant,
				  whether in writing or by other means acceptable under the terms of an insurance
				  policy or certificate, to an insurer or its agent which reasonably apprises the
				  insurer of the facts pertinent to a claim;
003.09 Proof of loss
"Proof of loss" means written proofs, such as claim forms,
				  medical bills, or other reasonable evidence of the claim that is ordinarily
				  required of persons submitting the claim(s);
003.10 Reasonable explanation
"Reasonable explanation" means information reasonably
				  sufficient to enable the insured or beneficiary to compare the allowable
				  benefits with policy or certificate provisions and determine whether proper
				  payment has been made;
003.11 Written communications
"Written communications" includes all correspondence,
				  regardless of source or type, that is related to the handling of the claim.
				  Written communications shall be effectively communicated when placed in the
				  mail with adequate first class postage.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-004 - File and record documentation

Current through June 17, 2024
Each insurer's claim files are subject to examination by the
				  Director or by the Director's duly appointed designees. To aid in such
				  examination:
004.01 The insurer shall
				maintain claim data that is accessible and retrievable for examination. An
				insurer shall be able to provide the claim number, line of coverage, date of
				loss and date of payment of the claim, date of denial or date closed without
				payment. This data must be available for all open and closed files for the
				current year and the two preceding years.
004.02 Detailed documentation shall be
				contained in each claim file in order to permit reconstruction of the insurer's
				activities relative to each claim.
004.03 Each relevant document within the
				claim file shall be noted as to date received, date processed or date
				mailed.
004.04 For those insurers
				that do not maintain hard copy files, claim files must be accessible from
				Cathode Ray Tube (CRT), Video Display Terminal (VDT) or micrographics and be
				capable of duplication to hard copy.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-005 - Misrepresentation of policy provisions

Current through June 17, 2024
005.01 Not agent or
				insurer shall knowingly misrepresent or conceal from claimants, any pertinent
				benefits, coverages, or other provisions of any insurance policy or certificate
				when such benefits, coverages or other provisions are pertinent to a
				claim.
005.02 No insurer shall
				indicate to a claimant on a payment draft, check or in any accompanying letter
				that said payment is "final" or is "a release" of any claim(s) unless such is
				the case, or the policy limit has been paid, or there has been a compromise
				settlement agreed to by the claimant and the insurer as to coverage and amount
				payable under the insurance policy or certificate.
005.03 No insurer shall issue checks or
				drafts in partial settlement of a claim under a specific coverage that contains
				language purporting to release the insurer from total liability.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-006 - Failure to acknowledge pertinent communications

Current through June 17, 2024
006.01 Every
				insurer shall, within fifteen (15) days of receipt, acknowledge and respond to
				any written communication relating to a claim and to all other pertinent
				communications from a claimant which reasonably suggest that a response is
				expected. Communication to an agent of an insurer shall be communication to the
				insurer.
006.02 Every insurer, upon
				receipt of any inquiry from the Director respecting a claim shall furnish the
				Department, in duplicate, an adequate response to the inquiry or request
				additional reasonable time to respond within fifteen (15) days of receipt of
				such inquiry.
006.03 Every insurer,
				upon receiving notification of claim, shall provide, within fifteen (15) days,
				the necessary claim forms, instructions and reasonable assistance so the
				insured can comply with the insurer's reasonable requirements and also comply
				with the policy conditions. Compliance with this paragraph shall constitute
				compliance with Subsection 006.01.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-007 - Standards for the prompt investigation of claims

Current through June 17, 2024
007.01 Every
				insurer shall, within fifteen (15) days of receipt of proof of loss from a
				claimant, initiate investigation of the claim.
007.02 The insurer's standards for claims
				processing shall be such that notice of claim or proof of loss submitted
				against one policy issued by that insurer shall fulfill the insured's
				obligation under any and all similar policies issued by that insurer and
				specifically identified by the insured to the insurer to the same degree that
				the same form would be required under any similar policy. If additional
				information is required to fulfill the insured's obligation under similar
				policies, the insurer may request the additional information. When it is
				apparent to the insurer that additional benefits would be payable under an
				insured's policy upon additional proofs of loss, the insurer shall communicate
				to and cooperate with the insured in determining the extent of the insurer's
				additional liability.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-009 - Standards for overpayment recovery

Current through June 17, 2024
009.01 No insurer
				shall withhold any portion of any benefit payable, on the basis that the sum
				withheld is an adjustment or correction of an overpayment made on a prior claim
				arising under the same policy unless:
009.01(A) The insurer has within its files
				clear, documented evidence of an overpayment and written authorization from the
				claimant permitting such withholding procedure, or
009.01(B) The insurer has within its files
				clear, documented evidence that:
009.01(B)(1)
				The overpayment was clearly erroneous under the provisions of the policy. If
				the overpayment is the subject of a reasonable dispute as to facts, this
				procedure may not be used; and
009.01(B)(2) The error which resulted in the
				overpayment is not a mistake of law; and
009.01(B)(3) The insurer has notified the
				claimant within six (6) months of the date of the error, except that in
				instances of error prompted by representations or nondisclosures of claimants,
				the insurer notifies the claimant within fifteen (15) days after the date that
				clear, documented evidence of discovery of such error is included in its file;
				and
009.01(B)(4) Such notice states
				clearly the nature of the error, the amount of the overpayment, and the three
				year limitation as provided in
sub
section
				009.01(C).
009.01(C) An insurer may use the
				procedure set forth in Section
				009.01(B)provided
				that the claim used to adjust the first overpayment is made no later than three
				years after the date of the error.
009.01(D) For the purpose of Section 009, the
				date of the error shall be the day on which the draft for benefits is
				issued.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 61 - UNFAIR LIFE, SICKNESS AND ACCIDENT CLAIMS SETTLEMENT PRACTICES RULE › Section 210-61-010 - Severability

Current through June 17, 2024
If any section or portion of this Rule of the application
				  thereof to any person or circumstance is held invalid by a court, the remainder
				  of the rule shall not be affected thereby.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-001

Current through June 17, 2024
The Department of Insurance ("Department") hereby adopts the
				  National Association of Insurance Commissioners ("NAIC") model regulation
				  entitled. "Credit for Reinsurance Model Regulation (#786)" ("Model"), adopted
				  by the NAIC on June 25, 2019, with the following notes, exceptions,
				  clarifications and additions:
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-002

Current through June 17, 2024
This regulation is promulgated pursuant to the authority
				  granted by Neb. Rev. Stat. Sections
				  44-416.09
				  and
				  44-101.01.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-004

Current through June 17, 2024
In Section 2 of the Model, the bracketed language is replaced
				  in its entirety with the following, "statutes set forth in Neb. Rev. Stat,
				  sections
				  44-416.05
et. sea,
and
				  44-417."
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-008

Current through June 17, 2024
In Section 7A of the Model, the language appearing in the
				  first bracket is replaced in its entirety with, "
				  44-416.06(5)",
				  while the language appearing in the second bracket is replaced in its entirety
				  with "
				  44-416.08".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-009

Current through June 17, 2024
In Section 7E of the Model, bracketed language is included
				  four times. In both instances where the bracketed language states "cite
				  specific law equivalent to Section 2 of the
Credit for Reinsurance
				  Model Law (#785)"
that language is replaced in its entirety with
				  "Section
				  44-416.06
				  ". In both instances where the bracketed language states "cite state law
				  equivalent of Section 4A of the
Credit for Reinsurance Model Law
				  (#785)"
that language is replaced in its entirety with "Section
				  44-416.08(1)
				  ".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-010

Current through June 17, 2024
In Section 8A of the Model, the language appearing in the
				  first bracket is replaced in its entirety with, "
				  44-416.06(6)",
				  while the language appearing in the second bracket is replaced in its entirety
				  with "
				  44-416.06(6) and
				  44-416.07".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-014

Current through June 17, 2024
In Section 9B(3) of the Model, the bracketed language is
				  replaced in its entirety with "Section
				  44-416.06(6)(d)(i)
				  -
				  44-416.06(6)(d)(v)
				  and Section 8C of this regulation".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-015

Current through June 17, 2024
In Section 9C(4)(e) of the Model, the bracketed language is
				  replaced in its entirety with "Sections
				  44-416.06(6)
				   and
				  44-416.07
				  ".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-016

Current through June 17, 2024
In Section 9D(2) of the Model, the bracketed language is
				  replaced in its entirety with "Sections
				  44-416.05
et seq.
and
				  44-417 or this
				  regulation".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-017

Current through June 17, 2024
In Section 10 of the Model, the bracketed language that
				  states, "cite specific law equivalent of Section 2G of the
Credit for
				  Reinsurance Model Law (#785)"
is replaced in its entirety with "
				  44-416.06(8)",
				  while the bracketed language that states "cite state law equivalent of Sections
				  2A, B. C, D, E. F or other appropriate section of the of the
Credit for
				  Reinsurance Model Law (#785)"
is replaced in its entirety with "
				  44-416(2) to Section
				  44-416(7)
				  ".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-018

Current through June 17, 2024
In Section 11 of the Model, the language appearing in the
				  first set of brackets is replaced in its entirety with "
				  44-416.07"; the language appearing
				  in the second set of brackets is replaced in its entirety with "
				  44-416.06"; and the language
				  appearing in the third set of brackets is replaced in its entirety with "
				  44-416.08(2)".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-020

Current through June 17, 2024
In both Sections 12B(1) and 12B(11)(c) of the Model , the
				  bracketed language is replaced in its entirety with "
				  44-416.08(2)".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-021

Current through June 17, 2024
In Section 12b(13) of the model, the first sentence is
				  replaced in its entirety with "Either the reinsurance agreement or the trust
				  agreement must stipulate that assets deposited in the trust account shall be
				  valued according to their current fair market value and shall consist only of
				  cash in United States dollars, certificates of deposit issued by a United
				  States bank and payable in United States dollars, and investments permitted by
				  §§
									44-5123
				  through
				  44-5132
				  and §§
									44-5137
				  through
				  44-5141
				  of the Insurance Code or any combination of the above, provided investments in
				  or issued by an entity controlling, controlled by or under common control with
				  either the grantor or the beneficiary of the trust shall not exceed five
				  percent (5%) of total investments."
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-027

Current through June 17, 2024
All references to "Insurance Commissioner" and "commissioner"
				  appearing in Forms AR-1, CR-1 and RJ-1, which are included at the end of the
				  Model, are replaced with "Director of Insurance".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-028

Current through June 17, 2024
In Form CR-1, which appears at the end of the Model;
(i) the bracketed language appearing in item
				5 is replaced in its entirety with "Section 8B(7)(b) of the NAIC Credit for
				Reinsurance Model Regulation which was adopted at 210 Neb. Admin. Code §
				65-001 "; and
(ii) the bracketed
				language appearing in item 7 is replaced in its entirety with "Section 8B(7)(d)
				of the NAIC Credit for Reinsurance Model Regulation which was adopted at 210
				Neb. Admin. Code § 65-001 ".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 65 - CREDIT FOR REINSURANCE › Section 210-65-029

Current through June 17, 2024
In Form RJ-1. which appears at the end of the Model;
(i) all bracketed language stating "Name of
				State" is replaced with "Nebraska"; and
(ii) the bracketed language in item 7 is
				replaced in its entirety with "Section 9C(5) of the NAIC Credit for Reinsurance
				Model Regulation which was adopted at 210 Neb. Admin. Code § 65-001
				".
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-001 - Purpose

Current through June 17, 2024
The purpose of this regulation is to prescribe:
001.01 Requirements for statements of
				actuarial opinion that are to be submitted in accordance with §
									44-421,
				and for memoranda in support thereof;
001.02 Rules applicable to the appointment of
				an appointed actuary; and
001.03
				Guidance as to the meaning of "adequacy of reserves."
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-002 - Authority

Current through June 17, 2024
This regulation is issued pursuant to the authority vested in
				  the Director of Insurance of the State of Nebraska under §
									44-427.
				  This regulation will take effect for annual statements beginning the year
				  2010.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-003 - Scope

Current through June 17, 2024
This regulation shall apply to all life insurance companies
				  and fraternal benefit societies doing business in this State and to all life
				  insurance companies and fraternal benefit societies that are authorized to
				  reinsure life insurance, annuities or accident and health insurance business in
				  this State. This regulation shall be applied in a manner that allows the
				  appointed actuary to utilize his or her professional judgment in performing the
				  asset analysis and developing the actuarial opinion and supporting memoranda,
				  consistent with relevant actuarial standards of practice. However, the Director
				  shall have the authority to specify specific methods of actuarial analysis and
				  actuarial assumptions when, in the Director's judgment, these specifications
				  are necessary for an acceptable opinion to be rendered relative to the adequacy
				  of reserves and related items.
This regulation shall be applicable to all annual statements
				  filed with the office of the Director after the effective date of this
				  regulation. A statement of opinion on the adequacy of the reserves and related
				  actuarial items based on an asset adequacy analysis in accordance with 006 of
				  this regulation, and a memorandum in support thereof in accordance with 007 of
				  this regulation, shall be required each year.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-004 - Definitions

Current through June 17, 2024
004.01 Actuarial
				Opinion
"Actuarial Opinion" means:
The opinion of an Appointed Actuary regarding the adequacy of
				  the reserves and related actuarial items based on an asset adequacy analysis in
				  accordance with 006 of this regulation and with applicable Actuarial Standards
				  of Practice.
004.02
				Actuarial Standards Board
"Actuarial Standards Board" means the board established by
				  the American Academy of Actuaries to develop and promulgate standards of
				  actuarial practice.
004.03
				Annual Statement
"Annual statement" means that statement required by §
										44-322
				  to be filed by the company with the office of the Director
				  annually.
004.04 Appointed
				Actuary
"Appointed actuary" means any individual who is appointed or
				  retained in accordance with the requirements set forth in 005.03 of this
				  regulation to provide the actuarial opinion and supporting memorandum as
				  required by §
										44-420
				  through §
										44-425.
004.05 Asset Adequacy Analysis
"Asset adequacy analysis" means an analysis that meets the
				  standards and other requirements referred to in 005.04 this
				  regulation.
004.06 Director
"Director" means the Insurance Director of this
				  State.
004.07 Company
"Company" means a life insurance company, fraternal benefit
				  society or reinsurer subject to the provisions of this
				  regulation.
004.08 Qualified
				Actuary
"Qualified actuary" means any individual who meets the
				  requirements set forth in 005.02 of this regulation.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-005 - General Requirements

Current through June 17, 2024
005.01 Submission
				of Statement of Actuarial Opinion
005.01(A)
				There is to be included on or attached to Page 1 of the annual statement for
				each year beginning with the year in which this regulation becomes effective
				the statement of an appointed actuary, entitled "Statement of Actuarial
				Opinion," setting forth an opinion relating to reserves and related actuarial
				items held in support of policies and contracts, in accordance with 006 of this
				regulation.
005.01(B) Upon written
				request by the company, the Director may grant an extension of the date for
				submission of the statement of actuarial opinion.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-006 - Statement of Actuarial Opinion Based On an Asset Adequacy Analysis

Current through June 17, 2024
006.01 General
				Description
The statement of actuarial opinion submitted in accordance
				  with this section shall consist of:
006.01(A) A paragraph identifying the
				appointed actuary and his or her qualifications (see 006.02(A);
006.01(B) A scope paragraph identifying the
				subjects on which an opinion is to be expressed and describing the scope of the
				appointed actuary's work, including a tabulation delineating the reserves and
				related actuarial items that have been analyzed for asset adequacy and the
				method of analysis, (see
				006.02(B) and
				identifying the reserves and related actuarial items covered by the opinion
				that have not been so analyzed;
006.01(C) A reliance paragraph describing
				those areas, if any, where the appointed actuary has deferred to other experts
				in developing data, procedures or assumptions, (e.g., anticipated cash flows
				from currently owned assets, including variation in cash flows according to
				economic scenarios (see
				006.02(C),
				supported by a statement of each such expert in the form prescribed by Section
				006.05; and
006.01(D) An opinion
				paragraph expressing the appointed actuary's opinion with respect to the
				adequacy of the supporting assets to mature the liabilities (see
				006.02(F).
006.01(E) One or more additional paragraphs
				will be needed in individual company cases as follows:
006.01(E)(1) If the appointed actuary
				considers it necessary to state a qualification of his or her
				opinion;
006.01(E)(2) If the
				appointed actuary must disclose an inconsistency in the method of analysis or
				basis of asset allocation used at the prior opinion date with that used for
				this opinion.
006.01(E)(3) If the
				appointed actuary must disclose whether additional reserves of the prior
				opinion date are released as of this opinion date, and the extent of the
				release.
006.01(E)(4) If the
				appointed actuary chooses to add a paragraph briefly describing the assumptions
				that form the basis for the actuarial opinion.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 69 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Section 210-69-008 - Severability

Current through June 17, 2024
If any section of this regulation, or the applicability
				  thereof to any person or circumstance, is held invalid, the remainder of the
				  rule 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 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-001 - Purpose

Current through June 17, 2024
001.01 The purpose
				of this regulation is to provide:
001.01(1)
				Tables of select mortality factors and rules for their use;
001.01(2) Rules concerning a minimum standard
				for the valuation of plans with nonlevel premiums or benefits; and
001.01(3) Rules concerning a minimum standard
				for the valuation of plans with secondary guarantees.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-002 - Authority

Current through June 17, 2024
This regulation is issued under the authority of
Neb.Rev.Stat
. §
									44-101.01
				  of the Insurance Laws of Nebraska.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-003 - Applicability

Current through June 17, 2024
This regulation shall apply to all life insurance policies,
				  with or without nonforfeiture values, issued on or after January 1, 2000,
				  subject to the following exceptions and conditions.
003.01 Exceptions
003.01(1) This regulation shall not apply to
				any individual life insurance policy issued on or after January 1, 2000, if the
				policy is issued in accordance with and as a result of the exercise of a
				reentry provision contained in the original life insurance policy of the same
				or greater face amount, issued before January 1, 2000, that guarantees the
				premium rates of the new policy. This regulation also shall not apply to
				subsequent policies issued as a result of the exercise of such a provision, or
				a derivation of the provision, in the new policy.
003.01(2) This regulation shall not apply to
				any universal life policy that meets all the following requirements:
003.01(2)(a) Secondary guarantee period, if
				any, is five (5) years or less;
003.01(2)(b) Specified premium for the
				secondary guarantee period is not less than the net level reserve premium for
				the secondary guarantee period based on the CSO valuation tables as defined in
				Section 004.06 and the applicable valuation interest rate; and
003.01(2)(c) The initial surrender charge is
				not less than 100 percent of the first year annualized specified premium for
				the secondary guarantee period.
003.01(3) This regulation shall not apply to
				any variable life insurance policy that provides for life insurance, the amount
				or duration of which varies according to the investment experience of any
				separate account or accounts.
003.01(4) This regulation shall not apply to
				any variable universal life insurance policy that provides for life insurance,
				the amount or duration of which varies according to the investment experience
				of any separate account or accounts.
003.01(5) This regulation shall not apply to
				a group life insurance certificate unless the certificate provides for a stated
				or implied schedule of maximum gross premiums required in order to continue
				coverage in force for a period in excess of one year.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-004 - Definitions

Current through June 17, 2024
For purposes of this regulation:
004.01 Basic reserves
"Basic reserves" means reserves calculated in accordance
				  with
Neb.Rev.Stat
. §
										44-404(d).
004.02 Contract segmentation method
"Contract segmentation method" means the method of dividing
				  the period from issue to mandatory expiration of a policy into successive
				  segments, with the length of each segment being defined as the period from the
				  end of the prior segment (from policy inception, for the first segment) to the
				  end of the latest policy year as determined below. All calculations are made
				  using the 1980 CSO valuation tables, as defined in Subsection 004.06 of this
				  section, (or any other valuation mortality table adopted by the National
				  Association of Insurance Commissioners (NAIC) after the operative date of this
				  regulation and promulgated by regulation by the director for this purpose),
				  and, if elected, the optional minimum mortality standard for deficiency
				  reserves stipulated in Section 005.02 of this regulation.
The length of a particular contract segment shall be set
				  equal to the minimum of the value t for which Gt is
				  greater than Rt (if Gt never
				  exceeds Rt the segment length is deemed to be the number
				  of years from the beginning of the segment to the mandatory expiration date of
				  the policy), where Gt and Rt are
				  defined as follows:
Gt=(GPx+k+t)/(GPx+k+t-1)
where:
x = original issue age;
k = the number of years from the date of issue to the
				  beginning of the segment;
t = 1, 2, ...; t is reset to 1 at the beginning of each
				  segment;
GPx+k+t-1 = Guaranteed gross premium
				  per thousand of face amount for year t of the segment, ignoring policy fees
				  only if level for the premium paying period of the policy.
Rt
				  =(qx+k+t)/(qx+k+t-1), However,
				  Rt may be increased or decreased by one percent in any
				  policy year, at the company's option, but Rt shall not
				  be less than one;
where:
x, k and t are as defined above, and
qx+k+t-1 = valuation mortality rate
				  for deficiency reserves in policy year k+t but using the mortality of Section
				  005.02(2)if
				  Section
				  005.02(3)is
				  elected for deficiency reserves.
However, if GPx+k+t is greater than 0
				  and GPx+k+t-1 is equal to 0, Gt
				  shall be deemed to be 1000. If GPx+k+t and
				  GPx+k+t-1 are both equal to 0, Gt
				  shall be deemed to be 0.
004.03 Deficiency reserves
"Deficiency reserves" means the excess, if greater than zero,
				  of
004.03(1) Minimum reserves
				calculated in accordance with
Neb.Rev.Stat.
§
										44-404(h)
				 over
004.03(2) Basic reserves.