Nebraska Statutes 44-8102. Purpose of act; cause of action; liability; act, how construed
(1) The purpose of the Nebraska Protection in Annuity Transactions Act is to require producers to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish and maintain a system to supervise recommendations so that the consumers’ insurance needs and financial objectives at the time of the transaction are appropriately addressed.
Terms Used In Nebraska Statutes 44-8102
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Fiduciary: A trustee, executor, or administrator.
(2) Nothing in the Nebraska Protection in Annuity Transactions Act shall be construed to create or imply a private cause of action for a violation of the act or to subject a producer to civil liability under the best interest standard of care outlined in section 44-8106 or under standards governing the conduct of a fiduciary or fiduciary relationship.