The Banking, Commerce and Insurance Committee heard testimony Feb. 13 on a bill meant to clarify the regulatory framework for motor vehicle ancillary product contracts.<\/p>\n
LB1054, introduced by Omaha Sen. Beau McCoy, would specify that service contracts for ancillary motor vehicle products are not insurance and not otherwise subject to the state\u2019s insurance code.<\/p>\n
The bill defines ancillary products as a protective chemical, substance, device, system or service installed on or applied to a motor vehicle, which is designed to prevent loss or damage from a specific cause.<\/p>\n
Such products would include, but not be limited to:
\n\u2022 additives;
\n\u2022 alarm systems;
\n\u2022 steering locks;
\n\u2022 fuel and ignition kill switches;
\n\u2022 part marketing products; and
\n\u2022 electronic, radio and satellite tracking devices.<\/p>\n
McCoy said ancillary products are very popular with consumers and that the bill would provide regulatory certainty regarding such products.<\/p>\n
\u201cIt\u2019s my hope \u2026 that at least this provides some measure of a record to say what is an insurance product and what is not,\u201d he said.<\/p>\n
Korby Gilbertson, representing the Motor Vehicular Ancillary Products Association, testified in support of the bill. She said the state Department of Insurance currently does not regulate ancillary products and has no interest in doing so.<\/p>\n
No opposition testimony was given and the committee took no immediate action on the bill.<\/p>\n","protected":false},"excerpt":{"rendered":"
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