A new law signed last week by Nebraska Gov. Dave Heineman, a Republican, will change the rate and form filing process for most personal and commercial insurance lines from prior approval to file and use.
The law, LB 119, will affect most lines of business, including workers’ compensation and personal auto, according to the American Insurance Association. It also preserves the insurance department’s ability to disapprove rates within 30 days of a filing if they violate any of several conditions, including those contained in the state’s Unfair Discrimination Against Subjects of Abuse in Insurance Act.
Nebraska is home to more than 1,600 licensed insurance companies that paid more than $71 million in taxes and fees in 2003.
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