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Nebraska committee hears bill to modernize insurance licensing and PBM oversight
Summary
Lawmakers considered LB1062, which would let Nebraska use national licensing databases, streamline nonresident license revocation and late‑filing penalties, and strengthen pharmacy benefit manager oversight. The Department of Insurance estimated reinstating retaliatory fees could raise about $2.25 million.
Senator Elliot Bostar introduced LB1062 on the committee's posted agenda, saying the bill would modernize licensing by relying on national reciprocity and databases rather than manual verification and fixed fees.
Eric Dunning, director of the Nebraska Department of Insurance, told the committee the bill would allow the department to confirm nonresident producers' licensing status via National Association of Insurance Commissioners data and to cancel a nonresident license when the home state has revoked or allowed the license to lapse. Dunning described streamlining small late‑filing enforcement by adopting a $100‑per‑day late fee and automatic suspension rather than a notice and hearing process.
Dunning also asked the committee to reinstate retaliatory licensing fees that were repealed in 2001. He said that while the repeal then cost the state about $50,000 in foregone revenue, the growth in out‑of‑state licensees means that amount is now closer to $2,250,000.
Committee members asked whether the Department of Insurance requested the bill (Dunning confirmed that the department did) and whether the changes required new software or merely clarified authorities and processes. Dunning said better processes and modern software make automated fee collection and reciprocity much more feasible now than two decades ago.
No opponents appeared at the hearing; Senator Bostar waived closing remarks and the committee closed the LB1062 hearing pending any follow‑up work.
The committee did not take a formal vote at the hearing; staff and sponsor indicated they would be available for follow‑up questions.
