Amendments to Chapter 24 of the Insurance Department Rules and Regulations were filed with the Secretary of State for adoption on January 16, 2013, with an effective date of January 21, 2013.
Chapter 24 entitled, “Holding Companies,” describes the information to be provided to the Department of Insurance, and the format to be utilized, by parties operating under Nebraska’s Insurance Holding Company System Act, Neb. Rev. Stat. §§ 44-2120 through 44-2153 (the Act). The Nebraska Legislature’s recent passage of LB 887 has made changes to the Act, and the amendments to Chapter 24 implement these changes.
The amendments will affect all persons operating within an insurance holding company system structure. LB 887 introduces the concept of “enterprise risk,” and requires the ultimate controlling person of every insurer operating as part of an insurance holding company system to file an annual enterprise risk report. The amendments to Chapter 24 provide the standard form (Form F) which must be used to make enterprise risk reports. Certain additional information will also be required from parties making applications, filings registrations, or providing notifications pursuant to Neb. Rev. Stat. §§ 44-2120 through 44-2133 (Form A, Form B, or Form D filings). Finally, the amendments will impose specific minimum requirements on agreements for cost sharing services and management services which are executed within an insurance holding company system pursuant to Neb. Rev. Stat. § 44-2133(1)(b).
Copies of Chapter 24 may be obtained by forwarding a check in the amount of $16.00 for each copy requested, made payable to the Nebraska Department of Insurance, 941 O Street, Suite 400, Lincoln, Nebraska 68508. Copies can also be obtained through the Department’s website at www.doi.ne.gov. Any questions concerning Chapter 24 should be directed to Matthew W. Holman.
