Bill > LB1062

This bill makes several changes to Nebraska's laws concerning insurance producers and pharmacy benefit managers. Primarily, it modifies the Insurance Producers Licensing Act by adjusting provisions related to reciprocal licenses and retaliatory measures, meaning Nebraska will now apply the same fees and obligations to out-of-state insurers and their agents as those states impose on Nebraska entities. It also updates requirements for nonresident insurance producer licenses, including how their status is verified and how license terminations are handled if their home state license is no longer active. The bill also revises grounds for suspending or revoking an insurance producer's license, adding failure to pay state income tax as a reason, and clarifies that retaliatory actions will now apply to insurance producers, not just insurers. Additionally, it amends fees associated with insurance producer licenses, allowing for reciprocal fee adjustments if other states charge more. For pharmacy benefit managers, the bill introduces penalties for failing to renew licenses on time, including daily fines and potential license suspension, and requires them to immediately report any material changes in ownership, control, or other facts affecting their licensing.

Business and Industry

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=63124