Banking Commerce and Insurance

Banking omnibus bill advanced

A bill that would adopt updates to the Insurance Holding Company System Act was amended to become an omnibus banking measure and advanced from general file March 3.

Sen. Matt Williams
Sen. Matt Williams

LB863, introduced by Gothenburg Sen. Matt Williams, would mandate the filing of a group capital calculation and liquidity stress test results with the Nebraska Department of Insurance by insurers subject to the registration requirements of the Insurance Holding Company System Act.

Williams said the bill was necessary after the U.S., the European Union and the United Kingdom entered into two agreements to mandate such filings.

“The bill makes sure that internationally active Nebraska domiciled insurers are not subject to double regulation by the European Union or the United Kingdom,” he said.

The Banking, Commerce and Insurance Committee offered an amendment to include provisions of the following bills:
• LB728, introduced by Omaha Sen. Brett Lindstrom, which would create a state administered statutory framework for the sale of travel insurance and make individuals who sell travel insurance subject to the Unfair Insurance Trade Practices Act;
• LB737, introduced by Lincoln Sen. Eliot Bostar, which would create the Primary Care Investment Council to analyze, among other data, spending and investment on primary care services in comparison to health outcomes in Nebraska and nationally;
• LB739, also introduced by Bostar, which would lower the health insurance coverage age for a colorectal cancer screening from 50 to 45;
• LB955, introduced by Sen. Dave Murman of Glenvil, which would prohibit the denial or reduction of coverage for life, disability or long-term care insurance or the charge of an additional premium for living organ donors in Nebraska;
• LB957, introduced by Sen. Michael Flood of Norfolk, which would require that all Nebraska domestic insurers regulated by the state establish standards, requirements and limitations for the investment of insurers; and
• LB1042, introduced by Bostar, which would provide guidance to insurance companies regarding gifts and other related activities.

Senators adopted the committee amendment on a 42-0 vote and advanced LB863 to select file 44-0.

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