2006 Nebraska Revised Statutes - § 44-8107 — Director of Insurance; powers; violations.

Section 44-8107
Director of Insurance; powers; violations.

(1) The Director of Insurance may order:

(a) An insurer to take reasonably appropriate corrective action for any senior consumer harmed by an insurance producer's or insurer's violation of the Nebraska Senior Protection in Annuity Transactions Act;

(b) An insurance producer to take reasonably appropriate corrective action for any senior consumer harmed by the insurance producer's violation of the act; and

(c) A general agency or independent agency that employs or contracts with an insurance producer to sell or solicit the sale of annuities to senior consumers, to take reasonably appropriate corrective action for any senior consumer harmed by the insurance producer's violation of the act.

(2) A violation of the act shall be an unfair trade practice in the business of insurance under the Unfair Insurance Trade Practices Act.

(3) The director may reduce or eliminate any applicable penalty under section 44-1529 for a violation of subsection (1) or (2) of section 44-8106 or subdivision (3)(b) of such section if corrective action for the senior consumer was taken promptly after a violation was discovered.

Source:

Laws 2006, LB 875, § 19.

~Revised Statutes Cumulative Supplement, 2006