44-4065. Reports.
260 words·~1 min read·
/ne/chapter-44/44-4065A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
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).