reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-005 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through June 17, 2024
005.01 At the
				election of the company for any one or more specified plans of life insurance,
				the minimum mortality standard for basic reserves may be calculated using the
				1980 CSO valuation tables with select mortality factors (or any other valuation
				mortality table adopted by the NAIC after January 1, 2000 and promulgated by
				regulation by the director for this purpose). If select mortality factors are
				elected, they may be:
005.01(1) The ten-year
				select mortality factors incorporated into the 1980 amendments to the NAIC
				Standard Valuation Law;
005.01(2)
				The select mortality factors in the Appendix; or
005.01(3) Any other table of select mortality
				factors adopted by the NAIC after the effective date of this regulation and
				promulgated by regulation by the director for the purpose of calculating basic
				reserves.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-006 - Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other than Universal Life Policies)

Current through June 17, 2024
006.01 Basic
				Reserves
Basic reserves shall be calculated as the greater of the
				  segmented reserves and the unitary reserves. Both the segmented reserves and
				  the unitary reserves for any policy shall use the same valuation mortality
				  table and selection factors. At the option of the insurer, in calculating
				  segmented reserves and net premiums, either of the adjustments described in
				  Subsections 006.01(1) or 006.01(2)below may be made:
006.01(1) Treat the unitary reserve, if
				greater than zero, applicable at the end of each segment as a pure endowment
				and subtract the unitary reserve, if greater than zero, applicable at the
				beginning of each segment from the present value of guaranteed life insurance
				and endowment benefits for each segment.
006.01(2) Treat the guaranteed cash surrender
				value, if greater than zero, applicable at the end of each segment as a pure
				endowment; and subtract the guaranteed cash surrender value, if greater than
				zero, applicable at the beginning of each segment from the present value of
				guaranteed life insurance and endowment benefits for each segment.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 71 - VALUATION OF LIFE INSURANCE POLICIES REGULATION › Section 210-71-007 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies That Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force Over a Secondary Guarantee Period

Current through June 17, 2024
007.01 General
007.01(1) Policies with a secondary guarantee
				include:
007.01(1)(a) A policy with a
				guarantee that the policy will remain in force at the original schedule of
				benefits, subject only to the payment of specified premiums;
007.01(1)(b) A policy in which the minimum
				premium at any duration is less than the corresponding one year valuation
				premium, calculated using the maximum valuation interest rate and the 1980 CSO
				valuation tables with or without ten-year select mortality factors, or any
				other table adopted after January 1, 2000 by the NAIC and promulgated by
				regulation by the director for this purpose; or
007.01(1)(c) A policy with any combination of
				Subparagraph
				007.01(1)(a) and
				007.01(1)(b).
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-001 - Purpose

Current through June 17, 2024
The purpose of this regulation is to provide rules for life
				  insurance policy illustrations that will protect consumers and foster consumer
				  education. The regulation provides illustration formats, prescribes standards
				  to be followed when illustrations are used, and specifies the disclosures that
				  are required in connection with illustrations. The goals of this regulation are
				  to ensure that illustrations do not mislead purchasers of life insurance and to
				  make illustrations more understandable. Insurers will, as far as possible,
				  eliminate the use of footnotes and caveats and define terms used in the
				  illustration in language that would be understood by a typical person within
				  the segment of the public to which the illustration is
				  directed.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-002 - Authority

Current through June 17, 2024
This rule is adopted and promulgated by the Director of
				  Insurance of the State of Nebraska pursuant to the authority granted by
				  Neb.Rev.Stat. §
									44-101.01,
				  §
									44-1522, §
									44-1525(1)(a)
				   and §
									44-1533.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-003 - Applicability and Scope

Current through June 17, 2024
This regulation applies to all group and individual life
				  insurance policies and certificates except:
003.01 Variable life insurance;
003.02 Individual and group annuity
				contracts;
003.03 Credit life
				insurance; or
003.04 Life insurance
				policies with no illustrated death benefits on any individual exceeding
				$10,000.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-004 - Definitions

Current through June 17, 2024
For the purposes of this regulation:
004.01 Actuarial Standards Board
"Actuarial Standards Board" means the board established by
				  the American Academy of Actuaries to develop and promulgate standards of
				  actuarial practice.
004.02
				Contract premium
"Contract premium" means the gross premium that is required
				  to be paid under a fixed premium policy, including the premium for a rider for
				  which benefits are shown in the illustration.
004.03 Currently payable scale
"Currently payable scale" means a scale of non-guaranteed
				  elements in effect for a policy form as of the preparation date of the
				  illustration or declared to become effective within the next ninety-five (95)
				  days.
004.04 Disciplined
				current scale
"Disciplined current scale" means a scale of non-guaranteed
				  elements constituting a limit on illustrations currently being illustrated by
				  an insurer that is reasonably based on actual recent historical experience, as
				  certified annually by an illustration actuary designated by the insurer.
				  Further guidance in determining the disciplined current scale as contained in
				  standards established by the Actuarial Standards Board may be relied upon if
				  the standards:
004.04(1) Are
				consistent with all provisions of this regulation;
004.04(2) Limit a disciplined current scale
				to reflect only actions that have already been taken or events that have
				already occurred;
004.04(3) Do not
				permit a disciplined current scale to include any projected trends of
				improvements in experience or any assumed improvements in experience beyond the
				illustration date; and
004.04(4) Do
				not permit assumed expenses to be less than minimum assumed expenses.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-005 - Policies to be Illustrated

Current through June 17, 2024
005.01 Each insurer
				marketing policies to which this regulation is applicable shall notify the
				director whether a policy form is to be marketed with or without an
				illustration. For all policy forms being actively marketed on the effective
				date of this regulation, the insurer shall identify in writing those forms and
				whether or not an illustration will be used with them. For policy forms filed
				after the effective date of this regulation, the identification shall be made
				at the time of filing. Any previous identification may be changed by notice to
				the director.
005.02 If the insurer
				identifies a policy form as one to be marketed without an illustration, any use
				of an illustration for any policy using that form prior to the first policy
				anniversary is prohibited.
005.03
				If a policy form is identified by the insurer as one to be marketed with an
				illustration, a basic illustration prepared and delivered in accordance with
				this regulation is required, except that a basic illustration need not be
				provided to individual members of a group or to individuals insured under
				multiple lives coverage issued to a single applicant unless the coverage is
				marketed to these individuals. The illustration furnished an applicant for a
				group life insurance policy or policies issued to a single applicant on
				multiple lives may be either an individual or composite illustration
				representative of the coverage on the lives of members of the group or the
				multiple lives covered.
005.04
				Potential enrollees of non-term group life subject to this regulation shall be
				furnished a quotation with the enrollment materials. The quotation shall show
				potential policy values for sample ages and policy years on a guaranteed and
				non-guaranteed basis appropriate to the group and the coverage. This quotation
				shall not be considered an illustration for purposes of this regulation, but
				all information provided shall be consistent with the illustrated scale. A
				basic illustration shall be provided at delivery of the certificate to
				enrollees for non-term group life who enroll for more than the minimum premium
				necessary to provide pure death benefit protection. In addition, the insurer
				shall make a basic illustration available to any non-term group life enrollee
				who requests it.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-006 - General Rules and Prohibitions

Current through June 17, 2024
006.01 An
				illustration used in the sale of a life insurance policy shall satisfy the
				applicable requirements of this regulation, be clearly labeled "life insurance
				illustration" and contain the following basic information:
006.01(1) Name of insurer;
006.01(2) Name and business address of
				producer or insurer's authorized representative, if any;
006.01(3) Name, age and sex of proposed
				insured, except where a composite illustration is permitted under this
				regulation;
006.01(4) Underwriting
				or rating classification upon which the illustration is based;
006.01(5) Generic name of policy, the company
				product name, if different, and form number;
006.01(6) Initial death benefit;
				and
006.01(7) Dividend option
				election or application of non-guaranteed elements, if applicable.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-008 - Standards for Supplemental Illustrations

Current through June 17, 2024
008.01 A
				supplemental illustration may be provided so long as:
008.01(1) It is appended to, accompanied by
				or preceded by a basic illustration that complies with this
				regulation;
008.01(2) The
				non-guaranteed elements shown are not more favorable to the policyowner than
				the corresponding elements based on the scale used in the basic
				illustration;
008.01(3) It contains
				the same statement required of a basic illustration that non-guaranteed
				elements are not guaranteed; and
008.01(4) For a policy that has a contract
				premium, the contract premium underlying the supplemental illustration is equal
				to the contract premium shown in the basic illustration. For policies that do
				not require a contract premium, the premium outlay underlying the supplemental
				illustration shall be equal to the premium outlay shown in the basic
				illustration.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-009 - Delivery of Illustration and Record Retention

Current through June 17, 2024
009.01
009.01(1) If a basic illustration is used by
				an insurance producer or other authorized representative of the insurer in the
				sale of a life insurance policy and the policy is applied for as illustrated, a
				copy of that illustration, signed in accordance with this regulation, shall be
				submitted to the insurer at the time of policy application. A copy also shall
				be provided to the applicant.
009.01(2) If the policy is issued other than
				as applied for, a revised basic illustration conforming to the policy as issued
				shall be sent with the policy. The revised illustration shall conform to the
				requirements of this regulation, shall be labeled "Revised Illustration" and
				shall be signed and dated by the applicant or policyowner and producer or other
				authorized representative of the insurer no later than the time the policy is
				delivered. A copy shall be provided to the insurer and the
				policyowner.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-010 - Annual Report; Notice to Policyholders

Current through June 17, 2024
010.01 In the case
				of a policy designated as one for which illustrations will be used, the insurer
				shall provide each policyowner with an annual report on the status of the
				policy that shall contain at least the following information:
010.01(1) For universal life policies, the
				report shall include the following:
010.01(1)(a) The beginning and end date of
				the current report period;
010.01(1)(b) The policy value at the end of
				the previous report period and at the end of the current report
				period;
010.01(1)(c) The total
				amounts that have been credited or debited to the policy value during the
				current report period, identifying each by type (e.g., interest, mortality,
				expense and riders);
010.01(1)(d)
				The current death benefit at the end of the current report period on each life
				covered by the policy;
010.01(1)(e)
				The net cash surrender value of the policy as of the end of the current report
				period;
010.01(1)(f) The amount of
				outstanding loans, if any, as of the end of the current report period;
				and
010.01(1)(g) For fixed premium
				policies:
If, assuming guaranteed interest, mortality and expense loads
				  and continued scheduled premium payments, the policy's net cash surrender value
				  is such that it would not maintain insurance in force until the end of the next
				  reporting period, a notice to this effect shall be included in the report;
				  or
010.01(1)(h) For
				flexible premium policies:
If, assuming guaranteed interest, mortality and expense
				  loads, the policy's net cash surrender value will not maintain insurance in
				  force until the end of the next reporting period unless further premium
				  payments are made, a notice to this effect shall be included in the
				  report.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-011 - Annual Certifications

Current through June 17, 2024
011.01 The board of
				directors of each insurer shall appoint one or more illustration
				actuaries.
011.02 The illustration
				actuary shall certify that the disciplined current scale used in illustrations
				is in conformity with the Actuarial Standard of Practice for Compliance with
				the NAIC Model Regulation on Life Insurance Illustrations promulgated by the
				Actuarial Standards Board, and that the illustrated scales used in
				insurer-authorized illustrations meet the requirements of this
				regulation.
011.03 The illustration
				actuary shall:
011.03(1) Be a member in good
				standing of the American Academy of Actuaries;
011.03(2) Be familiar with the standard of
				practice regarding life insurance policy illustrations;
011.03(3) Not have been found by the
				director, following appropriate notice and hearing to have:
011.03(3)(a) Violated any provision of, or
				any obligation imposed by, the insurance law or other law in the course of his
				or her dealings as an illustration actuary;
011.03(3)(b) Been found guilty of fraudulent
				or dishonest practices;
011.03(3)(c) Demonstrated his or her
				incompetence, lack of cooperation, or untrustworthiness to act as an
				illustration actuary; or
011.03(3)(d) Resigned or been removed as an
				illustration actuary within the past five (5) years as a result of acts or
				omissions indicated in any adverse report on examination or as a result of a
				failure to adhere to generally acceptable actuarial standards;
011.03(4) Not fail to notify the
				director of any action taken by a commissioner or a director of another state
				similar to that under subsection
				011.03(3)above;
011.03(5) Disclose in the annual
				certification whether, since the last certification, a currently payable scale
				applicable for business issued within the previous five (5) years and within
				the scope of the certification has been reduced for reasons other than changes
				in the experience factors underlying the disciplined current scale. If
				nonguaranteed elements illustrated for new policies are not consistent with
				those illustrated for similar in force policies, this must be disclosed in the
				annual certification. If nonguaranteed elements illustrated for both new and in
				force policies are not consistent with the nonguaranteed elements actually
				being paid, charged or credited to the same or similar forms, this must be
				disclosed in the annual certification; and
011.03(6) Disclose in the annual
				certification the method used to allocate overhead expenses for all
				illustrations:
011.03(6)(a) Fully allocated
				expenses;
011.03(6)(b) Marginal
				expenses; or
011.03(6)(c) A
				generally recognized expense table based on fully allocated expenses
				representing a significant portion of insurance companies and approved by the
				director.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-012 - Penalties

Current through June 17, 2024
In addition to any other penalties provided by the laws of
				  this state, an insurer which or a producer who violates a requirement of this
				  regulation shall be guilty of a violation of Neb.Rev.Stat. §
									44-1521
				  through §
									44-1535.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 72 - LIFE INSURANCE ILLUSTRATIONS REGULATION › Section 210-72-013 - Severability

Current through June 17, 2024
If any provision of this regulation or its application to any
				  person or circumstance is for any reason held to be invalid by any court of
				  law, the remainder of the regulation and its application to other persons or
				  circumstances shall not be affected.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-001 - Purpose and scope

Current through June 17, 2024
001.01 The purpose
				of this chapter is to implement sections 15 and 16 of LB 1119, passed in the
				2000 session of the Nebraska Legislature and codified at Neb.Rev.Stat.
				§§
									44-7515
				and
				44-7516,
				which require the director of insurance to adopt rules that:
(1) Modify or eliminate requirements for
				insurers to use filed rates and approved policy forms for commercial lines
				property and casualty insurance sold to certain commercial policyholders under
				common ownership; and
(2) Allow
				certain exempt commercial policyholders to be exempt from those provisions of
				Neb.Rev.Stat. §§
										44-5510
				and 55-5511 that require, as a condition for the purchase of insurance from a
				nonadmitted insurer, that the applicant demonstrate an inability to obtain
				insurance from a licensed insurer.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-002 - Authority

Current through June 17, 2024
This Rule is promulgated under the authority vested in the
				  Director by Neb.Rev.Stat. §§
									44-101.01,
				  44-7515,
				  and
				  44-7516.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-003 - Definitions

Current through June 17, 2024
For the purposes of Chapter 73, the following definitions
				  apply.
003.01 The definitions set
				forth in Neb.Rev.Stat. §
									44-7504
				apply for purposes of this chapter.
003.02 Class RFS policyholder
"Class RFS policyholder" means an exempt commercial
				  policyholder that fulfills either of the two following sets of
				  conditions:
(1)
(A) The policyholder utilizes the services of
				a qualifying risk manager;
(B) The
				policyholder generates at least $100,000 in aggregate commercial lines property
				and casualty insurance premiums per year, and
(C) The policyholder meets at least two of
				the following conditions:
(i) The policyholder
				generates aggregate commercial lines property and casualty insurance premiums
				of at least $250,000 per year, excluding premiums for workers' compensation and
				medical professional liability insurance, or generates at least $1,000,000
				aggregate commercial property and casualty insurance premiums per year,
				including premiums for workers' compensation and medical professional liability
				insurance.
(ii) The policyholder's
				net worth is at least $25,000,000.
(iii) The policyholder's annual net revenues
				or sales are at least $50,000,000.
(iv) The policyholder employs at least 250
				employees.
(v) If the policyholder
				is a not-for-profit or government entity, the policyholder has an annual
				operating budget of at least $25,000,000.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-004 - Exemptions applicable to policies of insurance sold to exempt commercial policyholders

Current through June 17, 2024
004.01 Exemptions
				applicable to Class RFS policyholders
(1) As
				permitted by Neb.Rev.Stat. §
										44-7515,
				an insurer shall not be required to use filed rates and approved policy forms
				for commercial lines property and casualty insurance policies insuring Class
				RFS policyholders. The provisions of this chapter regarding the regulation of
				policy forms shall not apply to an exempt commercial policyholder that is also
				a qualifying multistate commercial policyholder as defined pursuant to Chapter
				75.
(2) As permitted by
				Neb.Rev.Stat. §
										44-7516,
				a Class RFS policyholder is exempt from those provisions of §§
										44-5510
				and
				44-5511
				that require, as a condition for the purchase of insurance from a nonadmitted
				insurer, that applicants demonstrate inability to obtain insurance from a
				licensed insurer. This exemption shall not apply to workers' compensation
				insurance, excess workers' compensation insurance, or automobile liability
				insurance. This exemption may apply to automobile liability insurance purchased
				as excess insurance over a policy that provides limits that are at least equal
				to the minimum limits of liability required by Neb.Rev.Stat. §
										60-534.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-005 - Status as an exempt commercial policyholder is optional

Current through June 17, 2024
An insurer or policyholder that does not desire to avail
				  itself of the provisions of this regulation is not required to make a
				  determination of exempt commercial policyholder status. Such a policyholder
				  shall be accorded the same treatment as a policyholder that does not qualify as
				  an exempt commercial policyholder. In addition, the provisions of this chapter
				  regarding the regulation of policy forms shall not apply to an exempt
				  commercial policyholder that is also a qualifying multistate commercial
				  policyholder as defined pursuant to Chapter 75.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-006 - Unrelated entities may not be combined to attain exempt commercial policyholder status

Current through June 17, 2024
Premiums or other attributes for entities that are not under
				  common ownership may not be combined to qualify a policyholder as an exempt
				  commercial policyholder.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-007 - Premiums used to determine exempt commercial policyholder status

Current through June 17, 2024
007.01 Calculation
				of premium amounts
For purposes of determining whether a policyholder is a Class
				  RF, RFS or R policyholder, premiums shall include all commercial lines property
				  and casualty insurance premiums generated by a policyholder on risks located in
				  Nebraska and elsewhere, without regard to whether such insurance is purchased
				  from one or more insurers. Such premiums shall be those offered by an insurer
				  for the prospective policy term. If an insurer is not offering all of the
				  commercial lines property and casualty insurance that an exempt commercial
				  policyholder is purchasing, premiums for expiring policies for which the
				  insurer is not offering insurance shall be used as the basis for premium
				  determination. If not all policies for a policyholder have a common inception
				  date, premium for policies that are in force as of the inception date of
				  coverage for which the calculation is made shall be used. For policies that the
				  insurer does not write, the insurer shall only use premiums for which
				  policyholder documentation is provided. If an insurer is not provided with
				  policyholder documentation of the premiums for policies that the insurer does
				  not write, then the insurer shall not include premiums for such policies to
				  determine whether a policyholder is a Class RF, RFS, or R
				  policyholder.
007.02
				Retrospectively determined premium
For purposes of determining whether a policyholder is a Class
				  RF, RFS or R policyholder, if a policy's premium will be determined
				  retrospectively, then it shall be calculated as if the policyholder were rated
				  on a guaranteed cost basis. Exempt commercial policyholder status shall not be
				  retroactively denied if actual losses incurred under the policy result in an
				  actual premium lower than the estimated premium calculated on a guaranteed cost
				  basis.
007.03 Premium based
				on auditable exposures
For purposes of determining whether a policyholder is a Class
				  RF, RFS or R policyholder, if a policy's premium is determined based on
				  exposures that are subject to audit as defined in the policy, then it shall be
				  calculated using a good faith estimate of exposures. Exempt commercial
				  policyholder status shall not be retroactively denied if the audited exposures
				  result in a premium that is lower than the estimated premium.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-008 - Restrictions on rate filing exemptions

Current through June 17, 2024
008.01 Nebraska
				premiums must arise from Nebraska exposures
The Nebraska premiums for each individual policy and for each
				  separately coded exposure under that policy shall be the amounts that most
				  closely correspond with the insurer's evaluation of the expected losses and
				  expenses that will be generated by each exposure and policy. Premiums for
				  Nebraska exposures shall not be discounted or surcharged based on a
				  policyholder's premiums for exposures in another state that are higher or lower
				  than are desired by the insurer.
008.02 Restrictions on permissible discounts
Rate credits for an exempt commercial policyholder may not be
				  used to reduce the policyholder's premium to less than the amount necessary for
				  the policyholder to qualify as an exempt commercial policyholder. Nothing in
				  this subsection shall require reduction of rate credits if the premium for a
				  retrospectively rated policy or for a policy with premium based on auditable
				  exposures is ultimately lower than was originally estimated.
008.03 Restrictions on permissible surcharges
An insurer may not impose a surcharge against a policyholder
				  exceeding the surcharge permissible under Neb.Rev.Stat. §
										44-7509,
				  unless the aggregate property and casualty insurance premiums for such
				  policyholder, prior to the application of any surcharge permissible under
				  Neb.Rev.Stat. §
										44-7509,
				  exceed the minimum aggregate property and casualty insurance premium threshold
				  to qualify as an exempt commercial policyholder.
008.04 Workers compensation
As required by Neb.Rev.Stat. §
										44-7524,
				  every insurer writing workers' compensation shall adhere to the uniform
				  workers' compensation classification system and shall report its workers'
				  compensation experience in accordance with statistical plans and other
				  reporting requirements to ensure that workers' compensation data is combined
				  for all insurers for the development of prospective loss costs and the
				  application of experience rating. This includes the requirement that premiums
				  are determined from audited payrolls instead of being written on a guaranteed
				  cost basis, not subject to audit.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-009 - Restrictions on form approval exemptions

Current through June 17, 2024
009.01 Workers'
				compensation and excess workers' compensation
As permitted by Neb.Rev.Stat. §
										44-7515(2)
				   and as set forth in Neb.Rev.Stat. §
										44-7515(6),
				  only policy forms and endorsements approved by the director may be used to
				  provide workers' compensation and excess workers' compensation coverage. An
				  insurer may use endorsements that have not been approved by the director for
				  workers' compensation and excess workers' compensation policies if the
				  endorsements only amend policy provisions pertaining to the calculation or
				  remission of premiums. An insurer may not use endorsements that have not been
				  approved if the endorsements amend coverage or alter provisions relating to the
				  administration of claims set forth in policies filed with the
				  director;
009.02 Medical
				professional liability
As required by Neb.Rev.Stat. §
										44-7515(2),
				  only policy forms and endorsements approved by the director may be used to
				  provide coverage for a policyholder seeking to qualify under the Nebraska
				  Excess Medical Liability Fund;
009.03 Automobile insurance
Insurers may not use automobile insurance policy forms that
				  provide coverage limits less than those required by Nebraska law;
				  and
009.04 Policy forms may
				not violate laws
Insurers may not use policy forms that violate any law of
				  this state.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-010 - Statistical reporting

Current through June 17, 2024
Credits and debits applied pursuant to this chapter shall be
				  reported in the same manner as credits and debits allowed by Neb.Rev.Stat.
				  §
									44-7509.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-011 - Continued use of an unapproved policy form for a commercial policyholder that no longer qualifies as a Class RFS or Class RF exempt commercial policyholder

Current through June 17, 2024
A policyholder may continue to purchase coverage using an
				  unapproved policy form, even though the policyholder no longer qualifies as a
				  Class RFS or Class RF exempt commercial policyholder, if:
(a) Such policy form was originally agreed to
				during a period of time for which the policyholder could purchase coverage
				using policy forms which had not been approved; and
(b) The policyholder's aggregate commercial
				property and casualty insurance premiums are at least $50,000 per
				year.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-012 - Continued use of a surplus lines carrier by a commercial policyholder that no longer qualifies as a Class RFS exempt commercial policyholder

Current through June 17, 2024
A policyholder may continue to renew coverage from a surplus
				  lines insurer without the need to demonstrate that it is unable to obtain that
				  coverage from a licensed insurer, even though the policyholder no longer
				  qualifies as a Class RFS exempt commercial policyholder, if:
(a) Such coverage was originally purchased
				from the surplus lines insurer during a period of time for which the
				policyholder could purchase coverage from a surplus lines insurer without the
				need to demonstrate that it is unable to obtain insurance from a licensed
				insurer; and
(b) The policyholder's
				aggregate commercial property and casualty insurance premiums are at least
				$100,000 per year.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-013 - Policyholder notification of policy forms that have not been approved by the director

Current through June 17, 2024
Insurers shall inform exempt commercial policyholders at the
				  earliest practical date, but no later than thirty days after the inception of
				  coverage of those policy forms applying to them that have not been approved by
				  the director.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-014 - Responsibility to determine exempt commercial policyholder status

Current through June 17, 2024
The insurer shall obtain a written statement from the
				  policyholder regarding the information necessary to determine the
				  policyholder's status as an exempt commercial policyholder if such status
				  depends on information not already contained in the insurer's files. An insurer
				  is not required to make further inquiry of the policyholder's status unless the
				  information available to the insurer makes it unlikely that the policyholder's
				  representations are accurate.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-015 - Documentation to be maintained by the insurer

Current through June 17, 2024
An insurer shall retain documentation supporting an exemption
				  for the time set forth in Neb.Rev.Stat. §
									44-5905(2)(b)(i)(B)
				   if the insurer uses rates or policy forms
				  that have not been filed with or approved by the director or places coverage
				  with a surplus lines insurer without demonstrating inability to obtain
				  insurance from an admitted insurer.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-016 - Severability

Current through June 17, 2024
If any section or portion of a section of this chapter, or
				  the applicability thereof to any person or circumstance, is held invalid by a
				  court, the remainder of this chapter, or the applicability of such provision to
				  other persons, shall not be affected thereby.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 73 - EXEMPT COMMERCIAL POLICYHOLDERS › Section 210-73-017 - Effective date

Current through June 17, 2024
This chapter shall apply to all property and liability
				  insurance subject to the Property and Casualty Insurance Rate and Form Act with
				  an effective date on or after April 14, 2003.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-002 - Definitions

Current through June 17, 2024
In addition to the definitions in
Neb. Rev.
				  Stat.
§
									44-1102, the
				  following definitions apply to this regulation:
002.01 Insured
"Insured" means the person covered under the policy being
				  considered for viatication.
002.02 Life expectancy
"Life expectancy" means the mean of the number of months the
				  individual insured under the life insurance policy to be viaticated can be
				  expected to live as determined by the viatical settlement provider considering
				  medical records and appropriate experiential data.
002.03 Net death benefit
"Net death benefit" means the amount of the life insurance
				  policy or certificate to be viaticated less any outstanding debts or
				  liens.
002.04 Patient
				identifying information
"Patient identifying information" means an insured's address,
				  telephone number, facsimile number, electronic mail address, photograph or
				  likeness, employer, employment status, social security number, or any other
				  information that is likely to lead to the identification of the
				  insured.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-003 - License Requirements

Current through June 17, 2024
003.01 The Director
				may require an individual applying for a viatical settlement broker license to
				pass a written examination designated by the Department testing the knowledge
				of the individual concerning viatical settlements, the duties and
				responsibilities of a viatical settlement broker, and the laws, rules and
				regulations applicable to viatical settlement sales in Nebraska.
003.02 In addition to the information
				required in
Neb. Rev. Stat.
§
									44-1103,
				the director may ask for other information necessary to determine whether the
				applicant for a license as a viatical settlement provider or viatical
				settlement broker complies with the requirements of
Neb. Rev.
				Stat.
§ 44
-
1103.
003.03 The application for a viatical
				settlement broker shall be accompanied by a fee of $ 40.00. The broker license
				may be renewed by payment of $ 40.00 and a current copy of a letter of good
				standing obtained from the filing officer of the applicant's state of domicile.
				The application for a viatical settlement provider shall be accompanied by a
				fee of $1,000. The provider license may be renewed annually by payment of $100
				and a current copy of a letter of good standing from the state of domicile. If
				a viatical settlement provider or viatical settlement broker fails to pay the
				renewal fee within the time prescribed, or a viatical settlement provider fails
				to submit the reports required in Section 006 of this regulation, such
				nonpayment or failure to submit the required reports shall result in expiration
				of the license. If a viatical settlement provider has, at the time of renewal,
				viatical settlements where the insured has not died, it shall do one of the
				following:
( 003.03A) Renew or maintain its
				current license status until the earlier of the following events:
003.03A(1))  The date the viatical settlement
				provider properly assigns, sells or otherwise transfers the viatical
				settlements where the insured has not died; or
003. 03A(2)) The date that the last insured
				covered by viatical settlement transaction has died.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-004 - Appointments

Current through June 17, 2024
004.01 A viatical
				settlement broker shall not act as an agent of a viatical settlement provider
				unless the viatical settlement broker becomes an appointed agent of that
				provider. A viatical settlement broker who is not acting as a viatical
				settlement broker of a provider is not required to be appointed.
004.02 To appoint a viatical settlement
				broker as its agent, the appointing provider shall file, in a format approved
				by the director, a notice of appointment within fifteen (15) days from the date
				the agency contract is executed or the first viatical settlement contract is
				negotiated on behalf of the provider.
004.03 Upon receipt of the notice of
				appointment, the director shall verify within a reasonable time not to exceed
				thirty (30) days that the viatical settlement broker is determined to be
				eligible for appointment. If the viatical settlement broker is determined to be
				ineligible for appointment, the director shall notify the provider within ten
				(10) days of its determination.
004.04 A provider shall pay an annual
				appointment fee, in the amount and method of payment set forth in
Neb. Rev. Stat.
§
									44-4064(1)(b)
				 not to exceed $ 10.00, for each viatical
				settlement broker appointed by the provider.
004.05 A licensed life insurance producer
				acting as a viatical settlement broker pursuant to Neb. Rev. Stat. §
									44-1103(1)
				 who is an appointed agent of a viatical
				settlement provider under the Insurance Producer's Licensing Act does not need
				to be separately appointed with that viatical settlement provider under this
				section.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-005 - Standards for Evaluation of Reasonable Payments for Terminally or Chronically Ill Insureds

Current through June 17, 2024
In order to assure that viators receive a reasonable return
				  for viaticating an insurance policy, the return for viaticating a policy shall
				  be no less than the following payouts for insureds who are terminally or
				  chronically ill:
Insured's Life Expectancy
Minimum Percentage of Face Value Less Outstanding
								Loans Received by Viator
Less than 6 months
[80%]
At least 6 but less than 12 months
[70%]
At least 12 but less than 18 months
[65%]
At least 18 but less than 24 months
[60%]
Twenty-four months or more
[50%]
The percentage may be reduced by [5%] for viaticating a
				  policy written by an insurer rated less than the highest [4] categories by A.M.
				  Best, or a comparable rating by another rating agency.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-006 - Reporting Requirement

Current through June 17, 2024
006.01 On or before
				March 1 of each calendar year, each viatical settlement provider licensed in
				this state shall submit the following related to the licensee's activities for
				the previous calendar year:
( 006.01A) For
				viatical settlements contracted during reporting period:
006. 01A(1)) A report of the viatical
				settlement transactions related to Nebraska viators, which shall be submitted
				on Form VSP 001 (Appendix B);
006.01A(2))
				 A report of the individual mortality of Nebraska insureds, which
				shall be submitted on Form VSP 002 (Appendix C);
006. 01A(3)) A certification of the
				information contained in the reports, which shall be submitted on Form VSP 003
				(Appendix D) and shall be filed with the reports.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-008 - Prohibited Practices

Current through June 17, 2024
008.01 A viatical
				settlement provider or viatical settlement broker shall obtain from a person
				that is provided with patient identifying information a signed affirmation that
				the person or entity will not further divulge the information without procuring
				the express, written consent of the insured for the disclosure. Notwithstanding
				the foregoing, if a viatical settlement provider, or viatical settlement broker
				is served with a subpoena and, therefore, compelled to produce records
				containing patient identifying information, it shall notify the viator and the
				insured in writing at their last known addresses within five (5) business days
				after receiving notice of the subpoena.
008.02 A viatical settlement provider shall
				not act also as a viatical settlement broker, whether entitled to collect a fee
				directly or indirectly, in the same viatical settlement.
008.03 A viatical settlement broker shall
				not, without the written agreement of the viator obtained prior to performing
				any services in connection with a viatical settlement, seek or obtain any
				compensation from the viator.
008.04 A viatical settlement provider shall
				not use a longer life expectancy than is reasonable in order to reduce the
				pay-out to the viator.
Nebraska Administrative Code › Topic - INSURANCE, DEPARTMENT OF › Title 210 - NEBRASKA DEPARTMENT OF INSURANCE › Chapter 76 - VIATICAL SETTLEMENTS › Section 210-76-009 - Insurance Company Practices

Current through June 17, 2024
009.01 Life
				insurance companies authorized to do business in this state shall respond to a
				request for verification of coverage from a viatical settlement provider or a
				viatical settlement broker within thirty (30) calendar days of the date a
				request is received, including the insurer's intent whether to pursue an
				additional investigation regarding possible fraud or the validity of the
				insurance contract, subject to the following conditions:
(
				009.01A) A current authorization consistent with applicable law,
				signed by the policyowner or certificateholder, accompanies the
				request;
( 009.01B) In the case of
				an individual policy or group insurance coverage where details with respect to
				the certificate holder's coverage are maintained by the insurer, submission of
				a form substantially similar to Appendix A, which has been completed by the
				viatical settlement provider or viatical settlement broker in accordance with
				the instructions on the form.