Chapter 44 — INSURANCE
2,728 sections in this chapter.
Repealed. Laws 1957, c. 186, § 1.
0.0K chars
[Repealed or reserved.]
Repealed. Laws 1957, c. 186, § 1.
0.0K chars
[Repealed or reserved.]
Repealed. Laws 1957, c. 186, § 1.
0.0K chars
[Repealed or reserved.]
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…
Repealed. Laws 1957, c. 186, § 1.
0.0K chars
[Repealed or reserved.]
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…
Repealed. Laws 1957, c. 186, § 1.
0.0K chars
[Repealed or reserved.]
Neb. Rev. Stat. § 44-6120 Rules and regulations; orders.
0.1K chars
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.
0.6K chars
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.
0.1K chars
Sections 44-6122 to 44-6144shall be known and may be cited as the Mutual Insurance Holding Company Act.
Neb. Rev. Stat. § 44-6123 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 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.
1.2K chars
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.
6.3K chars
(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.
2.9K chars
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.
0.6K chars
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.
1.4K chars
(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.
2.3K chars
(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…
Repealed. Laws 1957, c. 186, § 1.
0.0K chars
[Repealed or reserved.]
Neb. Rev. Stat. § 44-6130 Certificate of authority; issuance.
0.9K chars
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.
0.3K chars
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.
0.3K chars
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.
0.5K chars
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.
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 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.
0.1K chars
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.
0.7K chars
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.
0.3K chars
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.
0.2K chars
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.