LB1035

Nebraska LB1035 amends the Property and Casualty Insurance Rate and Form Act to change rating system provisions and limit rate increases for certain.

Nebraska LB1035 amends the Property and Casualty Insurance Rate and Form Act by changing provisions related to rating systems and limiting rate increases for certain insurance types. The bill mandates that insurers file rating systems and modifications with the director for review. It specifies that a rating system cannot produce inadequate premiums, endanger the insurer's solvency, or likely diminish competition. The bill also limits rate increases for homeowners' insurance to no more than ten percent above the highest rate approved by the director within the previous twelve months.