Nebraska Statutes 44-1542. Director; cease and desist order; other orders; authorized
If, after the hearing, the director finds an insurer has engaged in an unfair claims settlement practice, he or she shall reduce his or her findings to writing and shall issue and cause to be served upon the insurer charged with the violation a copy of the findings and an order requiring the insurer to cease and desist from engaging in the act or practice and he or she may order any one or more of the following:
Terms Used In Nebraska Statutes 44-1542
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Insurer: shall include all companies, exchanges, societies, or associations whether organized on the stock, mutual, assessment, or fraternal plan of insurance and reciprocal insurance exchanges. See Nebraska Statutes 44-103
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Payment of a monetary penalty of not more than one thousand dollars for each violation, not to exceed an aggregate penalty of thirty thousand dollars, unless the violation was committed flagrantly and in conscious disregard of the Unfair Insurance Claims Settlement Practices Act, in which case the penalty shall not be more than fifteen thousand dollars for each violation, not to exceed an aggregate penalty of one hundred fifty thousand dollars; and
(2) Suspension or revocation of the insurer’s license or certificate of authority if the insurer knew or reasonably should have known it was in violation of the act.