44-8107 Director of Insurance; powers; violations. - Nebraska Statutes

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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 consumer harmed by an insurance producer's or insurer's violation of the Nebraska Protection in Annuity Transactions Act;(b) An insurance producer to take reasonably appropriate corrective action for any 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 consumers, to take reasonably appropriate corrective action for any 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 consumer was taken promptly after a violation was discovered. SourceLaws 2006, LB 875, § 19; Laws 2007, LB117, § 32. Cross ReferencesUnfair Insurance Trade Practices Act, see section 44-1521.

State Codes and Statutes

Statutes > Nebraska > Chapter44 > 44-8107

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 consumer harmed by an insurance producer's or insurer's violation of the Nebraska Protection in Annuity Transactions Act;(b) An insurance producer to take reasonably appropriate corrective action for any 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 consumers, to take reasonably appropriate corrective action for any 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 consumer was taken promptly after a violation was discovered. SourceLaws 2006, LB 875, § 19; Laws 2007, LB117, § 32. Cross ReferencesUnfair Insurance Trade Practices Act, see section 44-1521.

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State Codes and Statutes

Statutes > Nebraska > Chapter44 > 44-8107

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 consumer harmed by an insurance producer's or insurer's violation of the Nebraska Protection in Annuity Transactions Act;(b) An insurance producer to take reasonably appropriate corrective action for any 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 consumers, to take reasonably appropriate corrective action for any 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 consumer was taken promptly after a violation was discovered. SourceLaws 2006, LB 875, § 19; Laws 2007, LB117, § 32. Cross ReferencesUnfair Insurance Trade Practices Act, see section 44-1521.