Chapter 44 — INSURANCE
2,728 sections in this chapter.
Neb. Rev. Stat. § 44-1081 Organization of society.
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A domestic society organized on or after September 6, 1985, shall be formed as follows: (1) Seven or more citizens of the United States, a majority of whom are citizens of this state, who desire to form a fraternal benefit society, may make, sign, and acknowledge, before some off…
Neb. Rev. Stat. § 44-1082 Amendments to laws of society; procedure.
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(1) A domestic society may amend its laws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referendum. Such referendum may be held in accordance with the provisions of its la…
Neb. Rev. Stat. § 44-1083 Creation of not-for-profit institution; authorized.
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A society may create, maintain, and operate, or may establish organizations to operate, not-for-profit institutions to further the purposes permitted by subdivision (1)(b) of section 44-1076. Such institutions may furnish services free or at a reasonable charge. Any real or perso…
Neb. Rev. Stat. § 44-1084 Reinsurance; authorized.
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(1) A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorize…
Neb. Rev. Stat. § 44-1085 Consolidation or merger; authorized; procedure.
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(1) A domestic society may consolidate or merge with any other society by complying with this section. It shall file with the Director of Insurance: (a) A certified copy of the written contract containing in full the terms and conditions of the consolidation or merger; (b) A swor…
Neb. Rev. Stat. § 44-1086 Conversion to mutual life insurance company.
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Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of law. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of co…
Neb. Rev. Stat. § 44-1087 Benefits; authorized.
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(1) A society may provide the following contractual benefits in any form: (a) Death benefits; (b) Endowment benefits; (c) Annuity benefits; (d) Temporary or permanent disability benefits; (e) Hospital, medical, or nursing benefits; (f) Monument or tombstone benefits to the memory…
Neb. Rev. Stat. § 44-1088 Beneficiaries.
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(1) The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevo…
Neb. Rev. Stat. § 44-1089 Benefits; exempt from claims of creditors; exceptions.
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(1) No noninsurance benefit, charity, relief, or aid to be paid, provided, or rendered by any society shall be liable to attachment, garnishment, or other process, or to be seized, taken, appropriated, or applied by any legal or equitable process or operation of law to pay any de…
Repealed. Laws 1993, LB 583, § 116.
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[Repealed or reserved.]
Neb. Rev. Stat. § 44-1090 Benefit contract; contents.
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(1) Every society authorized to do business in this state shall issue to each owner of a benefit contract a certificate specifying the amount of benefits provided by the contract. The certificate, together with any riders or endorsements attached thereto, the laws of the society,…
Neb. Rev. Stat. § 44-1091 Nonforfeiture benefits; cash surrender values; certificate loans; other options.
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(1) For certificates issued prior to one year after September 6, 1985, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the provisions of law applicable immediately prior to September 6, 1…
Neb. Rev. Stat. § 44-1092 Investments.
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A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests…
Neb. Rev. Stat. § 44-1093 Establishment and disbursement of funds.
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(1) All assets shall be held, invested, and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights or become entitled to any apportionment on the surrender of any part of such assets, except as provided in the benefit…
Neb. Rev. Stat. § 44-1094 Other insurance laws, how construed.
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Societies shall be governed by sections 44-1072 to 44-10,109 and shall be exempt from all other provisions of the insurance laws of this state unless they are expressly designated therein or unless such provisions are specifically made applicable by sections 44-1072 to 44-10,109.
Neb. Rev. Stat. § 44-1095 Funds and property; exempt from taxation.
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Every society organized or licensed under sections 44-1072 to 44-10,109 shall be a charitable and benevolent institution, and all of its funds and property shall be exempt from all and every state, county, district, municipal, and school tax.
Neb. Rev. Stat. § 44-1096 Standards of valuation.
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(1) Standards of valuation for certificates issued prior to one year after September 6, 1985, shall be those standards provided by the laws applicable immediately prior to September 6, 1985. (2) The minimum standards of valuation for certificates issued on or after one year from …
Neb. Rev. Stat. § 44-1097 Reports.
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Reports shall be filed in the following manner: (1) Every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the Director of Insurance, file with the director a true statement of it…
Neb. Rev. Stat. § 44-1098 Annual license; fee.
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Societies which are authorized to transact business in this state immediately prior to September 6, 1985, may continue such business until April 1, 1986. The authority of such societies and all societies hereafter licensed may be renewed annually, but in all cases to terminate on…
Neb. Rev. Stat. § 44-1099 Examination by Director of Insurance.
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(1) The Director of Insurance, or any person he or she may appoint, may examine any domestic, foreign, or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign, or alien insurer…
Repealed. Laws 1993, LB 583, § 116.
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[Repealed or reserved.]
Neb. Rev. Stat. § 44-1101 Act, how cited.
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Sections 44-1101 to 44-1117 shall be known and may be cited as the Viatical Settlements Act.
Neb. Rev. Stat. § 44-1102 Terms, defined.
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For purposes of the Viatical Settlements Act: (1) Advertising means any written, electronic, or printed communication or any communication by means of recorded telephone messages or transmitted on radio, television, the Internet, or similar communications media, including film st…
Neb. Rev. Stat. § 44-1103 License requirements; fee.
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(1)(a) A person shall not operate as a viatical settlement provider or viatical settlement broker without first obtaining a license from the director or the chief insurance regulatory official of the state of residence of the viator. (b)(i) A life insurance producer who has been …
Neb. Rev. Stat. § 44-1104 Disciplinary actions.
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(1) The director may suspend, revoke, or refuse to issue or renew a license issued under the Viatical Settlements Act or that of a life insurance producer operating as a viatical settlement broker under subdivision (1)(b) of section 44-1103 if the director finds that: (a) There w…
Neb. Rev. Stat. § 44-1105 Approval of viatical settlement contracts and disclosure statements.
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A person shall not use a viatical settlement contract form or provide to a viator a disclosure statement form in this state unless first filed with and approved by the director. The director shall disapprove a viatical settlement contract form or disclosure statement form if, in …
Neb. Rev. Stat. § 44-1106 Reporting requirements; confidentiality.
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(1) Each viatical settlement provider shall file with the director on or before March 1 of each year an annual statement containing such information as the director may prescribe by rule and regulation. Such information shall be limited to only those transactions where the viator…
Neb. Rev. Stat. § 44-1107 Examination; investigation.
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(1)(a) The director may conduct an examination of a licensee under the Viatical Settlements Act as often as the director, in his or her sole discretion, deems appropriate. In scheduling and determining the nature, scope, and frequency of examination, the director shall consider s…
Neb. Rev. Stat. § 44-1108 Disclosure; requirements; rights of viator.
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(1) With each application for a viatical settlement, a viatical settlement provider or viatical settlement broker shall provide the viator with at least the disclosures required by this section no later than the time the application for the viatical settlement contract is signed …
Neb. Rev. Stat. § 44-1108.01 Viatical settlement broker or viatical settlement provider; disclosure.
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Before the initiation of a plan, transaction, or series of transactions, a viatical settlement broker or viatical settlement provider shall fully disclose to an insurer a plan, transaction, or series of transactions to which the viatical settlement broker or viatical settlement p…
Neb. Rev. Stat. § 44-1109 Viatical settlement contract requirements.
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(1)(a) A viatical settlement provider entering into a viatical settlement contract shall first obtain: (i) If the viator is the insured, a written statement from a licensed attending physician that the viator is of sound mind and under no constraint or undue influence to enter in…
Repealed. Laws 1993, LB 583, § 116.
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[Repealed or reserved.]
Repealed. Laws 1993, LB 583, § 116.
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[Repealed or reserved.]
Neb. Rev. Stat. § 44-1110 Prohibited acts.
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(1) It is a violation of the Viatical Settlements Act for any person to enter into a viatical settlement contract at any time prior to the application or issuance of a policy which is the subject of a viatical settlement contract or within a five-year period commencing on the dat…
Neb. Rev. Stat. § 44-1111 Advertising for viatical settlements; guidelines and standards.
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(1) The purpose of this section is to provide prospective viators with clear and unambiguous statements in the advertisement of viatical settlements and to assure the clear, truthful, and adequate disclosure of the benefits, risks, limitations, and exclusions of any viatical sett…
Neb. Rev. Stat. § 44-1112 Fraud prevention and control.
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(1)(a) A person shall not commit a fraudulent viatical settlement act. (b) A person shall not knowingly or intentionally interfere with the enforcement of the provisions of the Viatical Settlements Act or investigations of suspected or actual violations of the act. (c) A person i…
Neb. Rev. Stat. § 44-1113 Injunctions; civil remedies; violation; penalty.
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(1) In addition to the penalties and other enforcement provisions of the Viatical Settlements Act, if any person violates the act or any rule or regulation implementing the act, the director may seek an injunction in a court of competent jurisdiction and may apply for temporary a…
Neb. Rev. Stat. § 44-1114 Director; powers.
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The director shall have the authority to: (1) Adopt and promulgate rules and regulations to carry out the Viatical Settlements Act; (2) Establish standards for evaluating reasonableness of payments under viatical settlement contracts for persons with a terminal or chronic illness…
Neb. Rev. Stat. § 44-1115 Unfair trade practices.
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A violation of the Viatical Settlements Act, including the commission of a fraudulent viatical settlement act, shall be considered an unfair trade practice under the Unfair Insurance Trade Practices Act subject to the penalties contained in the act.
Neb. Rev. Stat. § 44-1116 Compliance with act; required; when.
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A viatical settlement provider and viatical settlement broker transacting business in this state on or before September 1, 2001, may continue to do so pending approval or disapproval of the provider's or broker's application for a license as long as the application is filed with …
Neb. Rev. Stat. § 44-1117 Fraudulent viatical settlement act; additional prohibited acts.
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(1) With respect to any viatical settlement contract or insurance policy, no viatical settlement broker shall knowingly solicit an offer from, effectuate a viatical settlement with, or make a sale to any viatical settlement provider, viatical settlement purchaser, financing entit…
Neb. Rev. Stat. § 44-112 Department of Insurance; records.
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The Department of Insurance shall preserve in a permanent form a record of its proceedings, and the acts and proceedings of its officers, including a concise statement of the results of all investigations or examinations of insurance companies.
Transferred to section 44-6606.
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[Repealed or reserved.]
Neb. Rev. Stat. § 44-113 Department; report; contents.
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The Department of Insurance shall transmit to the Governor, ten days prior to the opening of each session of the Legislature, a report of its official transactions, containing in a condensed form the statements made to the department by every insurance company authorized to do bu…
Neb. Rev. Stat. § 44-114 Department; fees for services.
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In addition to any other fees and charges provided by law, the following shall be due and payable to the Department of Insurance: (1) For filing the documents, papers, statements, and information required by law upon the organization of domestic or the entry of foreign or alien i…
Repealed. Laws 1947, c. 159, § 2.
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[Repealed or reserved.]
Neb. Rev. Stat. § 44-116 Examination; expenses collected; Department of Insurance Cash Fund; created; use; investment; transfers.
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(1) All money collected by the Department of Insurance for examination of the affairs of domestic, foreign, or alien insurance companies and insurers as defined in and pursuant to the Insurers Examination Act or any other provision of Chapter 44 or for valuing the reserve liabili…
Neb. Rev. Stat. § 44-117 Examiners; expenses; payment.
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The Director of Administrative Services is, upon presentation of a voucher properly countersigned by the Director of Insurance, authorized to draw warrants against the Department of Insurance Cash Fund for the purpose of paying the salaries and expenses of the personnel of the ac…
Repealed. Laws 1993, LB 583, § 116.
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[Repealed or reserved.]
Neb. Rev. Stat. § 44-119 Actuaries and examiners; appointment.
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In order to discharge the responsibilities of the department, including the requirements of the Insurers Examination Act, there shall be appointed a sufficient staff of actuaries and examiners which shall include: (1) One or more life insurance actuaries; (2) One or more property…