™Your Policy Risk Impact Agent
2,111 sections in this chapter.
Neb. Rev. Stat. § 44-6007.02 Health organization, defined.
0.4K chars
Health organization means a health maintenance organization, prepaid limited health service organization, prepaid dental service corporation, or other managed care organization. Health organization does not include a life and health insurer, a fraternal benefit society, or a prop…
Neb. Rev. Stat. § 44-6008 Insurer, defined.
1.6K chars
Insurer means an insurer as defined in section 44-103 authorized to transact the business of insurance, except that insurer does not include health organizations, unincorporated mutual associations, assessment associations, health maintenance organizations, prepaid dental service…
Neb. Rev. Stat. § 44-6009 Negative trend, with respect to a life and health insurer or a fraternal benefit society, defined.
0.2K chars
Negative trend, with respect to a life and health insurer or a fraternal benefit society, means a negative trend over a period of time, as determined in accordance with the trend test calculation included in the life risk-based capital instructions.
Neb. Rev. Stat. § 44-601 Over-insurance; policies for more than five years prohibited.
0.3K chars
It shall be unlawful for any insurance company or any agent to knowingly issue any fire insurance policy upon property within this state for an amount which, with any existing insurance, exceeds the fair value of the property or of the interest of the insured therein, or for a lo…
Neb. Rev. Stat. § 44-6010 Risk-based capital instructions, defined.
0.3K chars
Risk-based capital instructions means the risk-based capital report, including risk-based capital instructions adopted by the National Association of Insurance Commissioners, as such instructions may be amended by the association from time to time in accordance with the procedure…
Neb. Rev. Stat. § 44-6011 Risk-based capital level, defined.
0.9K chars
Risk-based capital level means an insurer's or a health organization's company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital, or mandatory control level risk-based capital. For purposes of this section: (1…
Neb. Rev. Stat. § 44-6012 Risk-based capital plan, defined.
0.3K chars
Risk-based capital plan means a comprehensive financial plan containing the elements specified in subsection (2) of section 44-6016. If the director rejects a plan and it is revised by the insurer or health organization, with or without the director's recommendation, the plan sha…
Neb. Rev. Stat. § 44-6013 Risk-based capital report, defined.
0.1K chars
Risk-based capital report means the report required in section 44-6015.
Neb. Rev. Stat. § 44-6014 Total adjusted capital, defined.
0.4K chars
Total adjusted capital means the sum of: (1) An insurer's or a health organization's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed under sections 44-322, 44-32,134, 44-382…
Neb. Rev. Stat. § 44-6015 Risk-based capital reports.
4.0K chars
(1) Every domestic insurer or domestic health organization shall annually, on or prior to March 1, referred to in this section as the filing date, prepare and submit to the director a risk-based capital report of its risk-based capital levels as of the end of the calendar year ju…
Neb. Rev. Stat. § 44-6016 Company action level event.
6.9K chars
(1) Company action level event means any of the following events: (a) The filing of a risk-based capital report by an insurer or a health organization which indicates that: (i) The insurer's or health organization's total adjusted capital is greater than or equal to its regulator…
Neb. Rev. Stat. § 44-6017 Regulatory action level event.
5.7K chars
(1) Regulatory action level event means any of the following events: (a) The filing of a risk-based capital report by the insurer or health organization which indicates that the insurer's or health organization's total adjusted capital is greater than or equal to its authorized c…
Neb. Rev. Stat. § 44-6018 Authorized control level event.
2.9K chars
(1) Authorized control level event means any of the following events: (a) The filing of a risk-based capital report by the insurer or health organization which indicates that the insurer's or health organization's total adjusted capital is greater than or equal to its mandatory c…
Neb. Rev. Stat. § 44-6019 Mandatory control level event.
2.3K chars
(1) Mandatory control level event means any of the following events: (a) The filing of a risk-based capital report which indicates that the insurer's or health organization's total adjusted capital is less than its mandatory control level risk-based capital; (b) The notification …
Neb. Rev. Stat. § 44-602 Over-insurance; procurement unlawful.
0.4K chars
It shall be unlawful for any party having an insurable interest in property located in this state to knowingly procure any fire insurance policy upon his interest in such property, for an amount in excess of the fair value of his interest in the property, or for an amount which, …
Neb. Rev. Stat. § 44-6020 Hearings.
1.7K chars
Upon any of the following notifications, the insurer or health organization shall have the right to a hearing pursuant to the Administrative Procedure Act at which the insurer or health organization may challenge any determination or action by the director: (1) Notification to an…
Neb. Rev. Stat. § 44-6021 Confidentiality and prohibition on announcements; prohibited uses.
5.6K chars
(1)(a) All risk-based capital reports, to the extent the information in the reports is not required to be set forth in a publicly available annual statement schedule and risk-based capital plans, including the results or reports of any examination or analysis of an insurer or a h…
Neb. Rev. Stat. § 44-6022 Supplemental provisions.
0.8K chars
(1) The provisions of the Insurers and Health Organizations Risk-Based Capital Act are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the director under such laws, including, but not limited to, the Neb…
Neb. Rev. Stat. § 44-6023 Foreign insurers or foreign health organization.
2.8K chars
(1) Any foreign insurer or foreign health organization shall, upon the written request of the director, submit to the director a risk-based capital report as of the end of the calendar year just ended not later than the later of: (a) The date a risk-based capital report would be …
Neb. Rev. Stat. § 44-6023.01 Immunity.
0.3K chars
There shall be no liability on the part of, and no cause of action shall arise against, the director, the Department of Insurance, or its employees or agents for any action taken by them in the performance of their powers and duties under the Insurers and Health Organizations Ris…
Neb. Rev. Stat. § 44-6024 Notices.
0.4K chars
All notices by the director to an insurer or a health organization which may result in regulatory action under the Insurers and Health Organizations Risk-Based Capital Act shall be effective upon dispatch if transmitted by registered or certified mail or, in the case of any other…
Neb. Rev. Stat. § 44-6025 Phase-in provision.
1.0K chars
For risk-based capital reports required to be filed by health organizations with respect to 1999 only, the following requirements shall apply in lieu of the provisions of sections 44-6016 to 44-6019: (1) In the event of a company action level event with respect to a domestic heal…
Neb. Rev. Stat. § 44-6026 Rules and regulations.
0.1K chars
The director may adopt and promulgate rules and regulations to carry out the Insurers and Health Organizations Risk-Based Capital Act.
Neb. Rev. Stat. § 44-603 Over-insurance; penalties.
0.9K chars
Every insurer who makes insurance upon any building or property or interest therein against loss or damage by fire, and every agent who issues a fire insurance policy covering any building or property or interest therein, and every insured who procures a policy of fire insurance …
Neb. Rev. Stat. § 44-606 Fire insurance; premium; policy must state.
0.1K chars
Every fire insurance policy must state on its face the amount of the premium.
Neb. Rev. Stat. § 44-6101 Act, how cited.
0.1K chars
Sections 44-6101 to 44-6121 shall be known and may be cited as the Insurers Demutualization Act.
Neb. Rev. Stat. § 44-6102 Legislative findings and declarations.
0.9K chars
The Legislature finds and declares that it is in the public interest that a domestic mutual insurer be permitted to convert to a stock insurer on terms and conditions that are fair and equitable to such mutual insurer's policyholders. The Legislature further finds that because it…
Neb. Rev. Stat. § 44-6103 Terms, defined.
0.5K chars
For purposes of the Insurers Demutualization Act, the terms defined in section 44-103 shall have the same meanings as set forth in such section and: (1) Final order shall mean the final written order of the director approving or disapproving the conversion of a mutual insurer to …
Neb. Rev. Stat. § 44-6104 Authority to convert.
0.2K chars
A domestic mutual insurer may amend its articles of incorporation pursuant to the Insurers Demutualization Act to become a stock insurer under a fair and equitable plan of conversion approved by the director.
Neb. Rev. Stat. § 44-6105 Application; fee.
1.9K chars
A domestic mutual insurer may convert to a stock insurer by meeting the requirements of the Insurers Demutualization Act. The mutual insurer shall file an application to convert to a stock insurer with the director. The application shall be accompanied by a nonrefundable applicat…
Neb. Rev. Stat. § 44-6106 Consideration.
1.0K chars
The plan of conversion required by section 44-6105 shall specify the consideration to the policyholders entitled thereto, which consideration may be in cash, stock, a combination thereof, or such other valuable consideration as the director may approve. The plan of conversion may…
Neb. Rev. Stat. § 44-6107 Public hearing.
0.6K chars
The director shall conduct a public hearing within one hundred and twenty days after the date the application is filed pursuant to section 44-6105 unless extended by the director for good cause. Any interested person may appear or otherwise be heard at the public hearing. The dir…
Neb. Rev. Stat. § 44-6108 Initial determination; application disapproval.
2.1K chars
(1) The director shall issue an order making an initial determination to approve or disapprove the application within thirty days after the close of the public hearing as required by section 44-6107. (2)(a) The director shall not approve the application unless he or she finds tha…
Neb. Rev. Stat. § 44-6109 Policyholders' vote.
2.1K chars
Within forty-five days after the date of the director's initial determination of approval pursuant to section 44-6108, unless extended by the director for good cause, the mutual insurer shall hold a meeting of its policyholders at a reasonable time and place to vote upon the plan…
Neb. Rev. Stat. § 44-6110 Conversion.
0.6K chars
The director shall issue a certificate of authority to a new stock insurer when the mutual insurer files a certificate with the director stating that all of the conditions set forth in the plan of conversion have been satisfied so long as the board of directors of the mutual insu…
Neb. Rev. Stat. § 44-6111 Appeal from the final order.
0.2K chars
Any person affected by a final order issued pursuant to the Insurers Demutualization Act shall have the right to appeal such order to the district court of Lancaster County. The appeal shall be in accordance with the Administrative Procedure Act.
Neb. Rev. Stat. § 44-6112 Continuation of corporate existence.
0.3K chars
Corporate existence of a mutual insurer converting to a stock insurer pursuant to the Insurers Demutualization Act shall not terminate, but the new stock insurer shall be deemed to be a continuation of the mutual insurer and to have been organized on the date the mutual insurer w…
Neb. Rev. Stat. § 44-6113 Name.
0.4K chars
If the name of a mutual insurer converting to a stock insurer pursuant to the Insurers Demutualization Act includes the word mutual, the new stock insurer may continue to use the word mutual in its name if (1) the name includes a word or words that identify the new stock insurer …
Neb. Rev. Stat. § 44-6114 Abandonment.
0.5K chars
A mutual insurer may, by not less than a two-thirds vote of the members of its board of directors and with the approval of the director, abandon the plan of conversion at any time before the issuance of the certificate of authority by the director. Upon such abandonment, all righ…
Neb. Rev. Stat. § 44-6115 Anti-takeover provision; procedure.
4.9K chars
(1)(a) Except as otherwise specifically provided in the plan of conversion, prior to and for a period of five years following the issuance of a certificate of authority to a new stock insurer under the Insurers Demutualization Act, no person other than the new stock insurer shall…
Neb. Rev. Stat. § 44-6115.01 Anti-takeover provision; voting of securities; limitations; enforcement.
1.7K chars
No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of section 44-6115 or of any rule, regulation, or order of the director may be voted at any shareholders' meeting or may be counted for…
Neb. Rev. Stat. § 44-6115.02 Seizure or sequestration of securities; when.
0.8K chars
In any case when a person has acquired or is proposing to acquire any voting securities in violation of the Insurers Demutualization Act or any rule, regulation, or order of the director, the district court of Lancaster County may, on such notice as the court deems appropriate, u…
Neb. Rev. Stat. § 44-6115.03 Failure to file application; penalty.
0.5K chars
Any person who fails to file an application for acquisition and obtain the prior approval of the director as required by section 44-6115 may be required by the director, after notice and hearing, to pay an administrative penalty of one hundred dollars for each day's delay not to …
Neb. Rev. Stat. § 44-6115.04 Anti-takeover provision; violation; penalty.
0.6K chars
Any director or officer of a person or an agent of the person who knowingly violates or assents to or permits any officer or agent of the person to violate the requirements of section 44-6115 may be required by the Director of Insurance, after notice and hearing, to pay, in his o…
Neb. Rev. Stat. § 44-6115.05 Anti-takeover provision; violation; cease and desist order.
0.5K chars
Whenever it appears to the director that any person or any director, officer, employee, or agent of the person has engaged in any conduct in violation of section 44-6115, the director may order the person to cease and desist immediately any further activity. After notice and hear…
Neb. Rev. Stat. § 44-6116 Stock purchase rights.
0.6K chars
Nothing in the Insurers Demutualization Act shall prohibit the inclusion in the plan of conversion of provisions under which individuals comprising the new stock insurer's board of directors, officers, employees, agents, and persons acting as trustees of employee stock ownership …
Neb. Rev. Stat. § 44-6117 Compensation.
1.2K chars
(1)(a) No director, officer, employee, or agent of the mutual insurer and no other person shall receive any fee, commission, or other valuable consideration whatsoever, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting …
Neb. Rev. Stat. § 44-6118 Insolvent mutual insurers.
1.1K chars
Notwithstanding the requirements of section 44-6105, in the event of insolvency of the mutual insurer, its board of directors by a vote of not less than two-thirds of its members may, in its application, request that the director waive the requirements imposing notice to policyho…
Neb. Rev. Stat. § 44-6119 Experts; costs.
0.5K chars
For the purpose of determining whether a plan of conversion meets the requirements of the Insurers Demutualization Act or in connection with any other matters relating to development of a plan of conversion, the director may engage the services of experts. All reasonable costs re…
Neb. Rev. Stat. § 44-6119.01 Information and documents; confidentiality.
3.1K chars
(1) All information, documents, and copies of such information and documents obtained by or disclosed to the director or any other person in the course of preparing, filing, and processing an application to convert to a stock insurer pursuant to section 44-6105, other than inform…