Banking regulation updates, economic development and insurance changes approved

Senators passed a measure June 1 that makes a variety of changes and updates to regulations governing a number of Nebraska industries.

LB92, sponsored by Dunbar Sen. Julie Slama, eliminates an onsite review requirement for title insurance agents. The bill was amended to become an omnibus Banking, Commerce and Insurance Committee measure and includes the provisions of more than a dozen additional proposals.

Among the bills included is LB616, sponsored by Sen. Mike McDonnell of Omaha, which attempts to align Nebraska’s economic development structure with the requirements of a federal microchip program. His LB617, also included, creates the Economic Development Cash Fund to provide matching grants to a Nebraska-based entity that qualifies under the federal CHIPS for America Act.

LB145, sponsored by Lincoln Sen. Eliot Bostar, amends laws relating to insurance coverage requirements for mammography screening and breast examinations by expanding coverage for younger women and those with increased breast cancer risk and heterogeneous or dense breast tissue, beginning Jan. 1, 2024.

Finally, LB587, introduced by Lincoln Sen. Anna Wishart, creates a regulatory sandbox program under the state Department of Insurance to allow a participant to test innovative insurance products or services on a temporary, limited basis without otherwise being licensed or authorized under state law.

LB92 passed on a vote of 46-0 and takes effect immediately.