Nebraska Department of Insurance
PRESS RELEASES AND NOTICES
NOTICE OF HEARING - Chapters 1, 8, 55, 56
The Director of the Department of Insurance has scheduled a public hearing as required by Neb.Rev.Stat. §84-901 to §84-909 for the proposed amendment of the following regulations:Title 210 NAC, Ch. 1, Nonadmitted Companies; Agents; Licenses; Bond; Prescribed Forms. The proposed amendments change the title of the regulation to that of Surplus Lines Insurance Producers; Nonadmitted Companies, delete provisions related to the bond and affidavit requirement as a result of changes in statute, add a section to address the filing of the quarterly and annual statements.
Title 210 NAC, Ch. 8, Reports of Directors, Officers and Principal Stockholders. The proposed amendments correct typographical errors, remove outdated date references, add the Department's street address, and correct statutory citations.
Title 210 NAC, Ch. 55, Rule to Define Standards and Director's Authority for Companies Deemed to be in Hazardous Financial Condition Regulation. The proposed amendments correct typographical and grammatical errors, and change Section 004.15 to add language to bring the regulation into conformity with the National Association of Insurance Commissioners (NAIC) model regulation.
Title 210 NAC, Ch. 56, Annual Audited Financial Reports. The proposed amendments correct typographical and grammatical errors, add a definition of "Indemnification," add text to the qualifications of independent certified public accountant, provide a time requirement for notification of adverse financial condition, provide for periodic review of the reports by Department examiners, and remove outdated date references.
There is no fiscal impact to the Department of Insurance, political subdivisions, or regulated public due to the proposed amendment of Chapters 1, 8, 55, and 56. A copy of the Fiscal Impact Statement for each chapter is available at the Department of Insurance.
Copies of the chapters being amended are available upon request at a cost of Ch. 1, $1.00; Ch. 8, $3.50; Ch. 55, $2.00; Ch. 56, $5.50 from the Department of Insurance, 941 "O" Street, Suite 400, Lincoln, NE 68508. Please specify which chapter you request. Copies of the chapters are available for inspection at the aforementioned address, as well as the Office of the Secretary of State, State Capitol Building, Room 343, Lincoln, NE 68509, and through the Department's web site at www.nol.org/home/ndoi. All persons interested in presenting oral or written views on the proposed amendment of Chapters 1, 8, 55 or 56 will be granted an opportunity at a hearing to be held before the Director of Insurance, State of Nebraska, at 10:00 a.m. the 19th day of February, 2004, beginning with Chapter 1 and continuing in numerical order until concluded. Said hearing will be held in the 5th Floor Conference Room of the Terminal Building at 941 "O" Street, Lincoln, NE 68508.
Reasonable accommodations will be provided to person with disabilities upon advanced request. The hearing will be transcribed at the request of any party with the expense of the transcription charged to the requesting party.
All persons interested therein may appear at said time and be heard in reference thereto.
Dated this 6th day of January, 2004.
L. TIM WAGNER
Director of Insurance