2021 Nebraska Revised Statutes
Chapter 44 - Insurance
44-8102 - Purpose of act; cause of action; liability; act, how construed.
44-8102. Purpose of act; cause of action; liability; act, how construed.
(1) The purpose of the Nebraska Protection in Annuity Transactions Act is to require producers to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the consumers' insurance needs and financial objectives at the time of the transaction are appropriately addressed.
(2) Nothing in the Nebraska Protection in Annuity Transactions Act shall be construed to create or imply a private cause of action for a violation of the act or to subject a producer to civil liability under the best interest standard of care outlined in section 44-8106 or under standards governing the conduct of a fiduciary or fiduciary relationship.
Source
- Laws 2006, LB 875, § 14;
- Laws 2007, LB117, § 27;
- Laws 2012, LB887, § 22;
- Laws 2021, LB22, § 1.
- Effective Date: April 8, 2021
