§ 44-4065 — Reports

(1) An
insurance producer shall report to the director any administrative action
taken against the producer in another jurisdiction, by a professional self-regulatory organization such as
the Financial Industry Regulatory Authority or a similar organization, or
by another governmental agency within thirty days of the final disposition of the
matter. This report shall include a copy of the order, consent to order, or
other relevant legal documents.
(2) An insurance producer
shall report to the director any obligation regarding insurance premiums or
fiduciary funds owed to a company, including a premium finance company, or
a managing general agent within thirty days of the date of discharge or attempt
to discharge such obligation in a personal or organizational bankruptcy proceeding.
(3) Within thirty days of
the date of arraignment or date of waiver of arraignment, if waived, an insurance
producer shall report to the director any criminal prosecution of the producer
taken in any jurisdiction. The report shall include a copy of the initial
complaint filed, the order resulting from the hearing, and any other relevant
legal documents.
(4) For purposes of this
section, administrative action shall include, but not be limited to, any arbitration
or mediation award, disciplinary action, civil action, or sanction taken against
or involving an insurance producer.

Legislative History

Source: Laws 2001, LB 51, § 19; Laws 2009, LB192, § 3. Annotations: Under the Insurance Producers Licensing Act, if an insurance producer fails to report a civil action taken against the producer in another jurisdiction within 30 days of the final disposition of the civil action, the producer violates the reporting requirement. Diamond v. State, 302 Neb. 892, 926 N.W.2d 71 (2019).