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2,111 sections in this chapter.
Neb. Rev. Stat. § 44-6120 Rules and regulations; orders.
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The director may adopt and promulgate rules and regulations and issue orders to carry out the Insurers Demutualization Act.
Neb. Rev. Stat. § 44-6121 Violation; penalty; enforcement.
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Whenever it appears to the director that any person or any director, officer, employee, or agent of the person has committed or is about to commit a violation of the Insurers Demutualization Act or of any rule, regulation, or order of the director, the director may apply to the d…
Neb. Rev. Stat. § 44-6122 Act, how cited.
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Sections 44-6122 to 44-6144 shall be known and may be cited as the Mutual Insurance Holding Company Act.
Neb. Rev. Stat. § 44-6123 Legislative findings and declarations.
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The Legislature finds and declares that it is in the public interest that a domestic mutual insurer be permitted to reorganize in a manner that preserves attributes of its mutuality while facilitating capital raising abilities and corporate affiliations on terms and conditions th…
Neb. Rev. Stat. § 44-6124 Terms, defined.
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For purposes of the Mutual Insurance Holding Company Act: (1) Director means the Director of Insurance; (2) Intermediate stock holding company means a holding company of which at least a majority of the voting securities are owned by a mutual insurance holding company and which, …
Neb. Rev. Stat. § 44-6125 Domestic mutual insurer; foreign insurer; transfer domicile; reorganization authorized; effect; holding company; treatment.
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(1) A domestic mutual insurer, upon approval of the director, may reorganize (a) by forming a mutual insurance holding company, (b) by merging its policyholders' membership interests into the mutual insurance holding company, and (c) by continuing the mutual insurer's corporate e…
Neb. Rev. Stat. § 44-6126 Plan of reorganization; contents.
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A domestic mutual insurer shall file a proposed plan of reorganization approved by a vote of not less than two-thirds of the members of its board of directors for review and approval with the director. The proposed plan of reorganization shall be accompanied by a nonrefundable fe…
Neb. Rev. Stat. § 44-6127 Plan of reorganization; public hearing; notice.
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The director shall conduct a public hearing regarding a proposed plan of reorganization within one hundred twenty days after the date the completed proposed plan of reorganization is filed pursuant to section 44-6126 unless extended by the director for good cause. Any interested …
Neb. Rev. Stat. § 44-6128 Plan of reorganization; approval; director; order.
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(1) The director shall issue an order approving or disapproving a proposed plan of reorganization within thirty days after the close of the public hearing as required by section 44-6127. (2) The director shall not approve a proposed plan of reorganization unless he or she finds t…
Neb. Rev. Stat. § 44-6129 Plan of reorganization; policyholders vote.
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(1) Within forty-five days after the date of the director's approval of a plan of reorganization pursuant to section 44-6128, 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 t…
Neb. Rev. Stat. § 44-6130 Certificate of authority; issuance.
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The director shall issue a certificate of authority to a reorganized stock insurer when the mutual insurer files with the director (1) a certificate stating that all of the conditions set forth in the plan of reorganization have been satisfied so long as the board of directors of…
Neb. Rev. Stat. § 44-6131 Appeal; procedure.
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Any person affected by a final order issued pursuant to the Mutual Insurance Holding Company 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. § 44-6132 Corporate existence; continuation.
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Corporate existence of a mutual insurer reorganizing pursuant to the Mutual Insurance Holding Company Act shall not terminate, but the reorganized stock insurer shall be deemed to be a continuation of the mutual insurer and to have been organized on the date the mutual insurer wa…
Neb. Rev. Stat. § 44-6132.01 Name.
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If the name of a mutual insurer reorganizing as a reorganized stock insurer pursuant to the Mutual Insurance Holding Company Act includes the word mutual, the reorganized stock insurer may continue to use the word mutual in its name if (1) the name includes a word or words that i…
Neb. Rev. Stat. § 44-6133 Plan of reorganization; abandonment.
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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 a plan of reorganization at any time before the issuance of the certificate of authority by the director. Upon such abandonment, all ri…
Neb. Rev. Stat. § 44-6134 Membership interest; not a security.
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A membership interest in a mutual insurance holding company does not constitute a security under the laws of this state.
Neb. Rev. Stat. § 44-6135 Annual statement; audit.
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A mutual insurance holding company shall file with the director, by March 1 of each year, an annual statement consisting of an income statement, balance sheet, and cash flows prepared in accordance with generally accepted accounting practices or statutory accounting principles an…
Neb. Rev. Stat. § 44-6136 Production of records.
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The director shall have the power to order production of any records, books, or other information and papers in the possession of a mutual insurance holding company or its affiliates as are reasonably necessary to ascertain the financial condition of the reorganized stock insurer…
Neb. Rev. Stat. § 44-6137 Construction of act.
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Nothing contained in the Mutual Insurance Holding Company Act shall be construed to prohibit demutualization of a mutual insurance holding company pursuant to the Insurers Demutualization Act.
Neb. Rev. Stat. § 44-6138 Fee, commission, or consideration; restrictions.
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(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. § 44-6139 Experts; costs of review.
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For purposes of determining whether a plan of reorganization meets the requirements of the Mutual Insurance Holding Company Act or in connection with any other matters relating to development of a plan of reorganization, the director may engage the services of experts. All reason…
Neb. Rev. Stat. § 44-6140 Confidentiality.
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(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 reorganize pursuant to section 44-6126, other than information or documen…
Neb. Rev. Stat. § 44-6141 Enforcement.
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Whenever it appears to the director that any person or any director, officer, employee, or agent of the person has committed or is about to commit a violation of the Mutual Insurance Holding Company Act or of any rule, regulation, or order of the director, the director may apply …
Neb. Rev. Stat. § 44-6142 Rules and regulations.
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The director may adopt and promulgate rules and regulations and issue orders to carry out the Mutual Insurance Holding Company Act.
Neb. Rev. Stat. § 44-6143 Expansion of business; activities authorized; requirements.
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(1) A mutual insurance holding company or an intermediate stock holding company may engage in actions and activities related to expanding the business of any company into other insurance, insurance-related, and financial services businesses. Any such expansion may be accomplished…
Neb. Rev. Stat. § 44-6144 Notice of annual meeting, requirements.
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(1) A mutual insurance holding company shall provide notice of its annual meeting to its members as provided by the company's bylaws or, if the bylaws are silent, in a manner that is reasonable. Electronic notice, either by direct electronic transmission, publication on a designa…
Neb. Rev. Stat. § 44-6201 Act, how cited.
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Sections 44-6201 to 44-6211 shall be known and may be cited as the Assumption Reinsurance Act.
Neb. Rev. Stat. § 44-6202 Purpose of act.
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It is the purpose of the Assumption Reinsurance Act to provide for the regulation of the transfer and novation of contracts of insurance by way of assumption reinsurance. The act describes assumption reinsurance and establishes notice and disclosure requirements which protect and…
Neb. Rev. Stat. § 44-6203 Applicability of act.
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(1) The Assumption Reinsurance Act shall apply to any insurer authorized to transact business in this state which either assumes or transfers the obligations or risks on contracts of insurance owned by policyholders residing in this state pursuant to an assumption reinsurance agr…
Neb. Rev. Stat. § 44-6204 Terms, defined.
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For purposes of the Assumption Reinsurance Act: (1) Assuming insurer shall mean the insurer which acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement; (2) Assumption reinsurance agreement shall mean any contract w…
Neb. Rev. Stat. § 44-6205 Notice requirements.
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(1) The transferring insurer shall provide or cause to be provided to each policyholder a notice of transfer by first-class mail addressed to the policyholder's last-known address or to the address to which premium notices or other policy documents are sent or, with respect to ho…
Neb. Rev. Stat. § 44-6206 Prior approval requirements.
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(1) Prior approval by the director shall be required for any transaction by which an insurer domiciled in this state assumes or transfers obligations or risks on contracts of insurance under an assumption reinsurance agreement. An insurer authorized to transact business in this s…
Neb. Rev. Stat. § 44-6207 Policyholder rights.
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(1) Every policyholder shall have the right to reject the transfer and novation of his or her contracts of insurance. Policyholders electing to reject the assumption transaction shall return to the transferring insurer the preaddressed, postage-paid response card or other written…
Neb. Rev. Stat. § 44-6208 Effect of consent.
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If a policyholder accepts the transfer pursuant to section 44-6207 or if the transfer is effected under section 44-6209, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall ther…
Neb. Rev. Stat. § 44-6209 Director's discretion.
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If an insurer domiciled in this state or in a state which does not have assumption reinsurance requirements adopted by statute or regulation substantially similar to those contained in the Assumption Reinsurance Act is deemed by the director to be in hazardous financial condition…
Neb. Rev. Stat. § 44-6210 Applicability of act; when.
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The Assumption Reinsurance Act shall apply to all assumption reinsurance agreements entered into on or after January 1, 1994.
Neb. Rev. Stat. § 44-6211 Rules and regulations.
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The director may adopt and promulgate rules and regulations to carry out the Assumption Reinsurance Act.
Neb. Rev. Stat. § 44-6301 Act, how cited.
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Sections 44-6301 to 44-6306 shall be known and may be cited as the Disclosure of Material Insurance Transactions Act.
Neb. Rev. Stat. § 44-6302 Terms, defined.
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For purposes of the Disclosure of Material Insurance Transactions Act: (1) Director shall mean the Director of Insurance; and (2) Insurer shall mean an insurer as defined in section 44-103 authorized to transact the business of insurance in this state, except that insurer shall i…
Neb. Rev. Stat. § 44-6303 Report required; contents; filing; confidentiality.
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(1) Every insurer domiciled in this state shall file a report with the director disclosing any of the following transactions: Material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements, unless such acquisi…
Neb. Rev. Stat. § 44-6304 Disclosure; when required; nonconsolidated basis.
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(1) No acquisitions or dispositions of assets need be reported pursuant to section 44-6303 if the acquisitions or dispositions are not material. A material acquisition, or the aggregate of any series of related acquisitions during any thirty-day period, or material disposition, o…
Neb. Rev. Stat. § 44-6305 Ceded reinsurance agreements; reporting requirements.
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(1) No nonrenewals, cancellations, or revisions of ceded reinsurance agreements need be reported pursuant to section 44-6303 if the nonrenewals, cancellations, or revisions are not material. A material nonrenewal, cancellation, or revision shall mean one that affects for property…
Neb. Rev. Stat. § 44-6306 Rules and regulations.
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The director may adopt and promulgate rules and regulations to carry out the Disclosure of Material Insurance Transactions Act.
Neb. Rev. Stat. § 44-6401 Act, how cited.
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Sections 44-6401 to 44-6414 shall be known and may be cited as the Uninsured and Underinsured Motorist Insurance Coverage Act.
Neb. Rev. Stat. § 44-6402 Definitions, where found.
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For purposes of the Uninsured and Underinsured Motorist Insurance Coverage Act, the definitions found in sections 44-6403 to 44-6407 shall apply.
Neb. Rev. Stat. § 44-6403 Affiliated insurer, defined.
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Affiliated insurer shall mean an insurer who directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with another person.
Neb. Rev. Stat. § 44-6404 Motor vehicle, defined.
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Motor vehicle shall mean a motor vehicle as defined in section 60-501.
Neb. Rev. Stat. § 44-6405 Uninsured motor vehicle, defined.
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Uninsured motor vehicle shall mean a motor vehicle with respect to the ownership, operation, maintenance, or use of which: (1) There is no bodily injury liability insurance or bond applicable at the time of the accident; (2) There is bodily injury liability insurance or a bond ap…
Neb. Rev. Stat. § 44-6406 Underinsured motor vehicle, defined.
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Underinsured motor vehicle shall mean a motor vehicle with respect to the ownership, operation, maintenance, or use of which there is bodily injury liability insurance or a bond applicable at the time of the accident and the amount of the insurance or bond is less than or has bee…
Neb. Rev. Stat. § 44-6407 Uninsured or underinsured motor vehicle; exclusions.
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An uninsured or underinsured motor vehicle shall not include a motor vehicle: (1) Insured under the liability coverage of the same policy of which the uninsured or underinsured motorist coverage is a part; (2) Owned by, furnished, or available for the regular use of the named ins…