NE LB232

Life insurance policies used as security for debt cannot lapse or terminate unless the insurer provides at least 30 days' notice to any known assignee holding an interest in the policy

Assignees may request electronic lapse notifications from insurers, who can charge policy owners up to $2.50 per notice for this service

Nebraska residents age 65 or older with individual life insurance policies may designate a third party to receive notices of cancellation, nonrenewal, and conditional renewal

Third-party designee notifications supplement rather than replace notices sent to the senior-citizen policyholder, and accepting designation does not create liability for the designee

Insurers must annually notify senior-citizen policyholders in writing about the availability of the third-party designee option until a designation is made