The Nebraska Banking, Commerce, and Insurance Committee recently approved a personal-lines deregulation bill, according to the Des Plaines, Ill.-based Property Casualty Insurers Association of America.
The bill, LB 119, is similar to a statute passed two years regarding commercial lines that moved form filing from prior approval to file-and-use, according to PCI Regional Manager Greg LaCost.
LB 119 amends various sections of the Property and Casualty Insurance Rate and Form Act to that effect. LaCost said the new system would “cut direct and indirect costs, including administrative costs for regulators and insurers, as well as, costs associated with the delays that resulted from the previous rate review process.”
LaCost cited Illinois’ “competition-based rate regulation since 1971” as a model which Nebraska would be wise to follow.
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