Chapter 44 — INSURANCE
2,728 sections in this chapter.
Neb. Rev. Stat. § 44-4816 Liquidation; termination of rehabilitation.
1.9K chars
(1) Whenever the director believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to insureds, creditors, or the public or would be futile, the director may petition the district court of Lancaster County for an order of liquidation. A p…
Neb. Rev. Stat. § 44-4817 Grounds for liquidation.
0.6K chars
The director may petition the district court of Lancaster County for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis: (1) Of any ground for an order of rehabilitation as specified in section 44-4812 whether or…
Neb. Rev. Stat. § 44-4818 Liquidation order; effect; appeal-pendency plan.
4.9K chars
(1) An order to liquidate the business of a domestic insurer shall appoint the director and his or her successors in office liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of…
Neb. Rev. Stat. § 44-4819 Termination and continuation of coverage.
1.3K chars
(1) All policies including bonds and other noncancelable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force until the earliest of: (a) Thirty days from the date of entry of the liquidati…
Neb. Rev. Stat. § 44-4820 Dissolution of insurer; court-ordered transfer of control and ownership.
2.3K chars
(1) The director may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he or she applies for a liquidation order. The court shall order dissolution of the corporation …
Neb. Rev. Stat. § 44-4821 Powers of liquidator.
9.3K chars
(1) The liquidator shall have the power: (a) To appoint a special deputy to act for him or her under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act and to determine his or her reasonable compensation. The special deputy shall have all powers of the liquida…
Neb. Rev. Stat. § 44-4822 Notice to creditors and others.
2.7K chars
(1) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: (a) By first-class mail and by telegram, electronic mail, facsimile, or telephone to the director, commissioner, or equivalent official of e…
Neb. Rev. Stat. § 44-4823 Duties of agents; violation; penalty.
1.8K chars
(1) Every person who receives notice in the form prescribed in section 44-4822 that an insurer which he or she represents as an agent is the subject of a liquidation order shall, within fifteen days of such notice, give notice of the liquidation order. The notice shall be sent by…
Neb. Rev. Stat. § 44-4824 Actions by and against liquidator.
2.9K chars
(1) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the insurer or liquidator, whether in this state or elsewhere, nor shall any such exis…
Neb. Rev. Stat. § 44-4825 Collection and list of assets.
0.8K chars
(1) As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One…
Neb. Rev. Stat. § 44-4826 Fraudulent transfers and obligations incurred prior to petition.
3.7K chars
(1) Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act shall be fraudulent as to th…
Neb. Rev. Stat. § 44-4827 Fraudulent transfer after petition.
3.3K chars
(1) After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair eq…
Neb. Rev. Stat. § 44-4828 Preferences and liens.
10.1K chars
(1)(a) A preference shall mean a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, made or suffered by the insurer within one year before the filing of a successful petition for liquidation under the Nebras…
Neb. Rev. Stat. § 44-4829 Claims of holders of void or voidable rights.
1.1K chars
(1) No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act shall be allowed unless he or she surrenders the preference, lien, c…
Neb. Rev. Stat. § 44-4830 Setoffs.
2.9K chars
(1) Mutual debts or mutual credits whether arising out of one or more contracts between the insurer and another person in connection with any action or proceeding under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act shall be set off and the balance only sh…
Neb. Rev. Stat. § 44-4830.01 Netting agreement; qualified financial contract; net or settlement amount; treatment; receiver; powers; duties; notice; claim of counterparty; rights of counterparty.
7.0K chars
(1) Notwithstanding any other provision of the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act to the contrary, including any other provision of the act that permits the modification of contracts, or another law of this state, a person shall not be stayed or pr…
Neb. Rev. Stat. § 44-4831 Assessments.
2.8K chars
(1) As soon as practicable, but not more than two years from the date of an order of liquidation under section 44-4818 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth: (a) The reasonable value of the assets of the insurer; …
Neb. Rev. Stat. § 44-4832 Reinsurer's liability.
0.5K chars
The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor shall not diminish the reins…
Neb. Rev. Stat. § 44-4833 Recovery of premiums owed; violation; penalty; appeal.
2.5K chars
(1)(a) An agent, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency as shown on the records of the …
Neb. Rev. Stat. § 44-4834 Liquidator's proposal to distribute assets.
3.4K chars
(1) Within one hundred twenty days of a final determination of insolvency of an insurer by a court of competent jurisdiction of this state, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshalled assets, from time to time…
Neb. Rev. Stat. § 44-4835 Filing of claims.
2.1K chars
(1) Proof of all claims shall be filed with the liquidator in the form required by section 44-4836 on or before the last day for filing specified in the notice required under section 44-4822, except that proof of claims for cash surrender values or other investment values in life…
Neb. Rev. Stat. § 44-4836 Proof of claim.
1.9K chars
(1) Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable: (a) The particulars of the claim, including the consideration given for it; (b) The identity and amount of the security on the claim; (c) The payments ma…
Neb. Rev. Stat. § 44-4837 Special claims.
0.9K chars
(1) The claim of a third party which is contingent only on his or her first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency. (2) A claim may be allowed even if contingent if it is filed in accordance with section 44-48…
Neb. Rev. Stat. § 44-4838 Third-party claims.
2.9K chars
(1) Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator. (2) Whether or not the third party files a claim, the insured may file a claim on his or her own behalf in the liquidation…
Neb. Rev. Stat. § 44-4839 Disputed claims.
1.0K chars
(1) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his or her attorney by first-class mail at the address shown in the proof of claim. Within sixty days from the mailing of the notice, the claima…
Neb. Rev. Stat. § 44-4840 Claims of surety.
0.9K chars
Whenever a creditor whose claim against an insurer is secured in whole or in part by the undertaking of another person fails to prove and file the claim, the other person may do so in the creditor's name and shall be subrogated to the rights of the creditor, whether the claim has…
Neb. Rev. Stat. § 44-4841 Secured creditor's claims.
0.8K chars
(1) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct: (a) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or (b)…
Neb. Rev. Stat. § 44-4842 Priority of distribution.
4.2K chars
The priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is set forth in this section. Every claim in each class shall be paid in full or adequate funds retained for such payment before the members of the…
Neb. Rev. Stat. § 44-4842.01 Claims allowed under separate account policies, contracts, or agreements; how treated.
2.1K chars
(1) Every claim allowed under a separate account policy, contract, or agreement providing, in effect, that the assets allocated to the separate account are not chargeable with liabilities arising out of any other business of the life insurer, shall be satisfied out of the assets …
Neb. Rev. Stat. § 44-4843 Liquidator's recommendations to the court.
1.5K chars
(1) The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he or she deems necessary. He or she may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court excep…
Neb. Rev. Stat. § 44-4844 Distribution of assets.
0.4K chars
Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, in…
Neb. Rev. Stat. § 44-4845 Unclaimed and withheld funds.
1.1K chars
(1) All unclaimed funds subject to distribution remaining in the liquidator's hands when he or she is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found, shall be de…
Neb. Rev. Stat. § 44-4846 Termination of proceedings.
0.7K chars
(1) When all assets justifying the expense of collection and distribution have been collected and distributed under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act, the liquidator shall apply to the court for discharge. The court may grant the discharge and…
Neb. Rev. Stat. § 44-4847 Reopening liquidation.
0.4K chars
After the liquidation proceeding has been terminated and the liquidator discharged, the director or other interested party may at any time petition the district court of Lancaster County to reopen the proceedings for good cause, including the discovery of additional assets. If th…
Neb. Rev. Stat. § 44-4848 Records; disposition.
0.3K chars
Whenever it appears to the director that the records of any insurer in process of liquidation or completely liquidated are no longer useful, he or she may recommend to the court and the court shall direct what records should be retained for future reference and what should be des…
Neb. Rev. Stat. § 44-4849 Receiver; audit.
0.5K chars
The district court of Lancaster County may cause audits to be made of the books of the director relating to any receivership established under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act, and a report of each audit shall be filed with the director and w…
Neb. Rev. Stat. § 44-4850 Conservation of property of foreign or alien insurers.
2.2K chars
(1) If a domiciliary liquidator has not been appointed, the director may apply to the district court of Lancaster County by verified petition for an order directing him or her to act as conservator to conserve the property of an alien insurer not domiciled in this state or a fore…
Neb. Rev. Stat. § 44-4851 Liquidation of property of foreign or alien insurers.
2.5K chars
(1) If no domiciliary receiver has been appointed, the director may apply to the district court of Lancaster County by verified petition for an order directing him or her to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this st…
Neb. Rev. Stat. § 44-4852 Domiciliary liquidators in other states; claims of residents.
2.1K chars
(1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under subsection (3) of section 44-4853, be vested by operation of law with the title to all of the assets, property, contracts, and ri…
Neb. Rev. Stat. § 44-4853 Ancillary formal proceedings.
2.0K chars
(1) If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the director may file a petition with the district court of Lancaster County requesting appointment as ancillary receiver in this state: (a) If he or she finds that there are sufficient…
Neb. Rev. Stat. § 44-4854 Ancillary summary proceedings.
0.2K chars
The director may institute proceedings under sections 44-4809 to 44-4811 at the request of the director, commissioner, or equivalent official of the domiciliary state of any foreign or alien insurer having property located in this state.
Neb. Rev. Stat. § 44-4855 Claims of nonresidents against insurers domiciled in this state.
1.3K chars
(1) In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states which are not reciprocal states shall file claims in this state and claimants residing in reciprocal states may file claims either …
Neb. Rev. Stat. § 44-4856 Claims of residents against insurers domiciled in reciprocal states.
1.7K chars
(1) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state or with the domiciliary liquidator. Claims shall …
Neb. Rev. Stat. § 44-4857 Attachment, garnishment, and levy of execution.
0.3K chars
During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in this state against the delinquent insurer …
Neb. Rev. Stat. § 44-4858 Interstate priorities.
1.5K chars
(1) In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal p…
Neb. Rev. Stat. § 44-4859 Subordination of claims for noncooperation.
0.5K chars
If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his or her control other than special deposits, diminished only by the expenses of the ancillary recei…
Neb. Rev. Stat. § 44-4860 Continuation of proceedings under prior law.
0.4K chars
Every proceeding commenced under the laws in effect before May 26, 1989, shall be deemed to have commenced under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act for the purpose of conducting the proceeding henceforth, except that in the discretion of the di…
Neb. Rev. Stat. § 44-4861 Rules and regulations.
0.1K chars
The director shall adopt and promulgate rules and regulations to carry out the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act.
Neb. Rev. Stat. § 44-4862 Act, how cited.
0.1K chars
Sections 44-4801 to 44-4862 shall be known and may be cited as the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act.
Neb. Rev. Stat. § 44-4901 Act, how cited.
0.1K chars
Sections 44-4901 to 44-4910 shall be known and may be cited as the Managing General Agents Act.