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2,111 sections in this chapter.
Neb. Rev. Stat. § 44-208.08 Insurance companies; organization; violation of law; personal liability of solicitors.
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Any person, firm, association, partnership, limited liability company, or corporation which solicits any subscriptions for stock or any application for membership or for a policy or sells any surplus note for any insurer in process of organization in violation of law shall be per…
Neb. Rev. Stat. § 44-210 Annual meeting; special meeting; voting rights; proxies; preferred stock; limitation on right to vote; quorum requirements; when.
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Every domestic stock and mutual company and assessment association shall hold an annual meeting of its shareholders, if a stock company, or of its members, if a mutual company or an assessment association, on or before the 30th day of June in each and every calendar year, for the…
Neb. Rev. Stat. § 44-211 Incorporators; manage business until first meeting of shareholders; board of directors; election; number; residency requirements; other qualifications; powers.
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(1) The business and affairs of an insurance corporation shall be managed by the incorporators until the first meeting of shareholders or members and then and thereafter by a board of directors elected by the shareholders or members and as otherwise provided by law. (2)(a)(i) The…
Neb. Rev. Stat. § 44-212 Insurance companies; officers; elections; terms; salaries.
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The directors of every stock company and the board of directors or members of every mutual company or assessment association may elect such officers as are necessary to conduct the business of the company, including a president, secretary, and treasurer, and employ such other off…
Neb. Rev. Stat. § 44-2120 Act, how cited.
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Sections 44-2120 to 44-2155 shall be known and may be cited as the Insurance Holding Company System Act.
Neb. Rev. Stat. § 44-2121 Terms, defined.
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For purposes of the Insurance Holding Company System Act: (1) An affiliate of, or person affiliated with, a specific person means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the person speci…
Neb. Rev. Stat. § 44-2122 Subsidiaries of insurers; authorized.
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In addition to the authority granted in Chapter 44, any domestic insurer, either by itself or in cooperation with one or more persons, may, subject to the limitations set forth in the Insurance Holding Company System Act, organize or acquire one or more subsidiaries engaged in th…
Neb. Rev. Stat. § 44-2123 Additional investments authorized.
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In addition to investments in common stock, preferred stock, debt obligations, and other securities permitted under Chapter 44, a domestic insurer may also: (1) Invest, in common stock, preferred stock, debt obligations, and other securities of one or more subsidiaries, amounts w…
Neb. Rev. Stat. § 44-2124 Additional investments; qualification; when determined.
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Whether any investment pursuant to section 44-2123 meets the applicable requirements thereof shall be determined before such investment is made by calculating the applicable investment limitations as though the investment had already been made, taking into account the then outsta…
Neb. Rev. Stat. § 44-2125 Investments in subsidiary; disposal; when.
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If an insurer ceases to control a subsidiary, it shall dispose of any investment made in the subsidiary pursuant to sections 44-2122 to 44-2124 within three years from the time of the cessation of control or within such further time as the director may prescribe unless, at any ti…
Neb. Rev. Stat. § 44-2126 Acquisition of control of or merger with domestic insurer; notice of proposed divestiture; filing requirements; director; powers.
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(1) No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, or seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, afte…
Neb. Rev. Stat. § 44-2127 Merger; acquisition; approval by director; hearings; experts.
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(1) The director shall approve any merger or other acquisition of control referred to in subsection (1) of section 44-2126 unless, after a public hearing thereon, he or she finds that: (a) After the change of control, the domestic insurer would not be able to satisfy the requirem…
Neb. Rev. Stat. § 44-2128 Merger; acquisition; exempt transactions.
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Section 44-2126 shall not apply to: (1) Any transaction which is subject to the provisions of the Nebraska Model Business Corporation Act and sections 44-224.01 to 44-224.10, except as otherwise provided in Chapter 44, dealing with the merger or consolidation of two or more insur…
Neb. Rev. Stat. § 44-2129 Acquisition; divestiture; merger; prohibited acts.
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(1) It shall be a violation of section 44-2126 to fail to file any statement, amendment, or other material required to be filed under such section. (2) It shall be a violation of section 44-2127 to effectuate or attempt to effectuate an acquisition of control of, divestiture of, …
Neb. Rev. Stat. § 44-213 Employee, officer, trustee, or director of domestic company; salaries; length of contract; limitations; deferred payment of compensation; employee benefit plans.
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No domestic insurance company shall pay any salary, compensation, or emolument to any salaried employee or to any officer, trustee, or director thereof in excess of a reasonable return for the services performed or to be performed by such person. The shareholders of stock compani…
Neb. Rev. Stat. § 44-2130 Merger; acquisition; jurisdiction; consent to service of process.
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The courts of this state are hereby vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under section 44-2126 and over all actions involving such person arising out of violations of…
Neb. Rev. Stat. § 44-2131 Fees.
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The total fee for filing the documents required by sections 44-2126 to 44-2130 and all amendments to such filings shall be one thousand dollars. The initial fee for registration required by the provisions of section 44-2132 shall be one thousand dollars, and an additional fee of …
Neb. Rev. Stat. § 44-2132 Registration of insurers; filings required; director or commissioner; powers.
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(1) Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the director, except that registration shall not be required for a foreign insurer subject to registration requirements and standard…
Neb. Rev. Stat. § 44-2133 Transactions within an insurance holding company system; standards.
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(1) Transactions within an insurance holding company system to which an insurer subject to registration is a party shall be subject to the following standards: (a) The terms shall be fair and reasonable; (b) Agreements for cost-sharing services and management shall include such p…
Neb. Rev. Stat. § 44-2134 Extraordinary dividends and distributions.
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(1) No domestic insurer shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until (a) thirty days after the director has received notice of the declaration thereof and the director has not within such period disapproved such payme…
Neb. Rev. Stat. § 44-2135 Management of domestic insurer.
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(1) Notwithstanding the control of a domestic insurer by any person, the officers and directors of the insurer shall not thereby be relieved of any obligation or liability to which they would otherwise be subject by law, and the insurer shall be managed so as to assure its separa…
Neb. Rev. Stat. § 44-2136 Adequacy of surplus; factors.
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For purposes of the Insurance Holding Company System Act, in determining whether an insurer's policyholders surplus is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: (1…
Neb. Rev. Stat. § 44-2137 Examination by director; director; powers; penalty.
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(1)(a) Subject to the limitation contained in this section and in addition to the powers which the director has under the Insurers Examination Act relating to the examination of insurers, the director may examine any insurer registered under section 44-2132 and its affiliates to …
Neb. Rev. Stat. § 44-2137.01 Director; participate in supervisory college; powers; insurer; payment of expenses.
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(1) With respect to any insurer registered under section 44-2132 and in accordance with subsection (3) of this section, the director may participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations…
Neb. Rev. Stat. § 44-2138 Information; confidential treatment; sharing of information; restrictions.
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(1)(a) All information, documents, and copies thereof obtained by or disclosed to the director or any other person in the course of an examination or investigation made pursuant to section 44-2137 and all information reported or provided to the director pursuant to sections 44-21…
Neb. Rev. Stat. § 44-2139 Director; rules and regulations.
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The director may adopt and promulgate such rules and regulations and issue such orders as necessary to carry out the Insurance Holding Company System Act.
Neb. Rev. Stat. § 44-214 Stock insurance company; capital stock and surplus requirements; lines of insurance authorized; additional requirements.
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(1) Except as provided in section 44-202.01, no stock insurance company shall, on and after August 25, 1989, transact any line of insurance specified in section 44-201 in this state unless it maintains a capital stock, actually paid in cash or invested as provided by law, of at l…
Neb. Rev. Stat. § 44-2140 Injunctions.
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Whenever it appears to the director that any insurer or any director, officer, employee, or agent thereof has committed or is about to commit a violation of the Insurance Holding Company System Act or of any rule, regulation, or order of the director, the director may apply to th…
Neb. Rev. Stat. § 44-2141 Voting of securities; when prohibited; injunction.
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No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the Insurance Holding Company System Act or of any rule, regulation, or order of the director may be voted at any shareholder's meet…
Neb. Rev. Stat. § 44-2142 Seizure or sequestration of voting securities.
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In any case when a person has acquired or is proposing to acquire any voting securities in violation of the Insurance Holding Company System Act or any rule, regulation, or order of the director, the district court of Lancaster County may, on such notice as the court deems approp…
Neb. Rev. Stat. § 44-2143 Prohibited acts; administrative penalties; unfair trade practice.
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(1) Any insurer which fails, without just cause, to file any registration statement as required by section 44-2132 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 exceed an aggregate pe…
Neb. Rev. Stat. § 44-2144 Director or officer; administrative penalty; when.
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Any director or officer of an insurance holding company system who knowingly violates or assents to or permits any officer or agent of the insurer to violate the requirements of subsection (1) of section 44-2132 or section 44-2133 or 44-2134 may be required by the director, after…
Neb. Rev. Stat. § 44-2145 Cease and desist orders; other orders.
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Whenever it appears to the director that any insurer or any director, officer, employee, or agent thereof has engaged in any transaction or entered into a contract which is subject to sections 44-2133 to 44-2136 and which would not have been approved had such approval been reques…
Neb. Rev. Stat. § 44-2146 Violations; criminal penalty.
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Any insurer which willfully violates the Insurance Holding Company System Act shall be guilty of a Class IV felony. Any director, officer, employee, or agent of an insurer who willfully violates the act shall be guilty of a Class IV felony.
Neb. Rev. Stat. § 44-2147 False reporting; criminal penalty.
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Any officer, director, or employee of an insurance holding company system who willfully and knowingly subscribes to or makes or causes to be made any false statements, false reports, or false filings with the intent to deceive the director in the performance of his or her duties …
Neb. Rev. Stat. § 44-2147.01 Violations; effect.
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If it appears to the director that any person has committed a violation of sections 44-2126 to 44-2130 which prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent b…
Neb. Rev. Stat. § 44-2148 Insurer; supervision, rehabilitation, and liquidation.
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If it appears to the director that any person has committed a violation of the Insurance Holding Company System Act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyho…
Neb. Rev. Stat. § 44-2149 Recovery by receiver.
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(1) If an order for rehabilitation or liquidation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer (a) from any parent or holding company or person or affiliate who otherwise controlled the insu…
Neb. Rev. Stat. § 44-2150 Suspension, revocation, or nonrenewal of license or authority.
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If it appears to the director that any person has committed a violation of the Insurance Holding Company System Act which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the director may, after giving notice and an opportunity…
Neb. Rev. Stat. § 44-2151 Appeal; writ of mandamus.
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Any person aggrieved by any act, determination, order, or other action of the director pursuant to the Insurance Holding Company System Act may appeal. The appeal shall be in accordance with the Administrative Procedure Act. Any person aggrieved by any failure of the director to …
Neb. Rev. Stat. § 44-2152 Inconsistent laws; superseded.
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All laws and parts of laws of this state inconsistent with the Insurance Holding Company System Act shall be superseded with respect to matters covered by the act.
Neb. Rev. Stat. § 44-2153 Act; cumulative.
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The powers, remedies, procedures, and penalties provided in the Insurance Holding Company System Act shall be in addition to, and not in limitation of, any other powers, remedies, procedures, and penalties provided by law.
Neb. Rev. Stat. § 44-2154 International insurance group; criteria; determination by director.
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The director may determine whether or not an insurance holding company system is an international insurance group. An insurance holding company system shall be considered an international insurance group if the insurance holding company system includes an insurer registered under…
Neb. Rev. Stat. § 44-2155 International insurance group; director; identify group-wide supervisor; factors; director; powers; duties; supervision activities; expenses.
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(1) In cooperation with other state, federal, and international regulatory agencies, the director may identify a group-wide supervisor for an international insurance group in accordance with this section. The director may determine that the director is the appropriate group-wide …
Neb. Rev. Stat. § 44-216 Mutual company; assessment association; articles of incorporation; contents.
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The articles of incorporation of a mutual company or an assessment association may limit the insurance to specified kinds or classes of property, lives, individuals, or liabilities within any subdivision of section 44-201 or the territory within which insurance shall be granted a…
Neb. Rev. Stat. § 44-217 Mutual company; assessment association; membership; voting.
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Each person, corporation, association, partnership, or limited liability company owning a policy or policies of insurance issued by a mutual company or an assessment association shall be a member thereof and have one vote.
Neb. Rev. Stat. § 44-218 Mutual company; limitation of liability.
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The liability of a member of a mutual company shall be limited to the premiums stated in the policy.
Neb. Rev. Stat. § 44-219 Domestic mutual company; transaction of business; policies and reserve required; additional requirements.
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(1)(a) No domestic mutual insurance company shall begin to transact the business of insurance until (i) it has received not less than one hundred applications for insurance unless organized to write (A) workers' compensation and employers liability insurance, in which case it sha…
Neb. Rev. Stat. § 44-220 Domestic company; power to borrow; purposes; conditions; issuance of surplus notes.
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In addition to the general power and authority to borrow money for its regular business purposes, any domestic insurance company may borrow money: (1) To defray the reasonable expenses of its organization; (2) to provide special contingency loss funds; (3) to provide additional s…
Neb. Rev. Stat. § 44-2201 Insurance corporation; variable annuities; issuance; certificate of authority; required; expiration.
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An insurance corporation may be formed for the purpose of issuing variable annuities. Variable annuities are policies issued on an individual or group basis by which an insurer promises to pay a variable sum of money either in a lump sum or periodically for life or for some other…