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2,111 sections in this chapter.
Neb. Rev. Stat. § 44-2202 Insurance company; variable annuities; requirements.
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Before a company may apply to issue variable annuities in this state, it must have an initial amount of capital and surplus, if a stock company, or an amount of surplus, if a mutual company, of at least two million dollars and shall maintain a surplus, if either a stock company o…
Neb. Rev. Stat. § 44-2203 Qualifications to issue variable annuities.
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A company, meeting the requirements of section 44-2202, that desires to make application to issue variable annuities in this state shall submit to the Director of Insurance: (1) A certified copy of its articles of incorporation; (2) A copy of its bylaws attested to by an officer …
Neb. Rev. Stat. § 44-2204 Applicant, defined.
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For purposes of sections 44-2201 to 44-2221, applicant shall be deemed to include all of the officers, directors, and shareholders.
Neb. Rev. Stat. § 44-2205 Shareholder, defined.
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For purposes of sections 44-2201 to 44-2221, shareholder shall mean a person owning, directly or indirectly, whether through another person or a holding company, beneficial interest, including such interest of any member of his or her immediate family, of more than ten percent of…
Neb. Rev. Stat. § 44-2206 Order denying application for authority to issue variable annuities; conditions.
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The Director of Insurance may issue an order denying the application for authority to issue variable annuities if: (1) The applicant has failed to comply with any prerequisite of law for the issuance of such license; (2) The applicant is insolvent or has failed to submit a satisf…
Neb. Rev. Stat. § 44-2207 Variable annuity contract; approval; requirements.
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A variable annuity contract will not be approved by the Director of Insurance unless such contract indicates: (1) The procedure to be used by the company in establishing the dollar amount of variable benefits or other variable contractual payments or variable values to be paid to…
Neb. Rev. Stat. § 44-2208 Illustrations of benefits payable under variable annuity contracts; conditions.
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Illustrations of benefits payable under any variable annuity contract shall not involve projections of past investment experience into the future, nor shall they attempt predictions of future investment experience.
Neb. Rev. Stat. § 44-2209 Variable annuity contract; disapproval; when.
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The Director of Insurance may disapprove any variable annuity contract, application or certificate issued pursuant to a group contract if it contains provisions which are contrary to law, unjust, unfair, inequitable, ambiguous or misleading, or which are likely to result in misre…
Neb. Rev. Stat. § 44-221 Domestic company; surplus notes; repayment; interest rate.
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(1) Except as provided in this subsection, surplus notes issued prior to September 9, 1995, and the indebtedness which they represent shall not be a liability or claim against any of the assets of the company. The principal of such notes may be paid from time to time, either in f…
Neb. Rev. Stat. § 44-2210 Insurance company; accounting; statement; contents.
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Every company licensed to sell variable annuities in this state must file with the Director of Insurance, on or before March 1 of each year, a statement under oath for the year ending December 31, immediately preceding, for the business of its separate accounts. Such statement sh…
Neb. Rev. Stat. § 44-2211 Insurance company; reserve liability; requirements.
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The reserve liability for variable annuities shall be established pursuant to the requirements of the standard valuation law in accordance with actuarial procedures that recognize the variable nature of the benefits provided. To the extent that the company's reserve liability wit…
Neb. Rev. Stat. § 44-2212 Separate investment account.
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A separate investment account shall not be chargeable with any liabilities arising out of any other separate investment account or any other business of the company which has no specific and determinable relation to or dependence upon such separate account. Any surplus or deficit…
Neb. Rev. Stat. § 44-2213 Sales, transfers, exchange of investments; requirements.
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Any sales, transfers, or exchange of investments made by a domestic company between any of the separate accounts or between any other investment account of the company and one or more of the separate accounts shall be in accordance with section 44-402.03, and the provisions or la…
Neb. Rev. Stat. § 44-2214 Separate account; accounting not reflected; when.
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When annuity benefit payments have commenced and the amount of the annuity payments are not dependent upon investment experience then the accounting for the annuity cannot be reflected in or be a part of the separate account.
Neb. Rev. Stat. § 44-2215 Statement to holder of variable annuity contracts; contents.
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A company shall mail to the holder of its variable annuity contracts at least once in each year after the first, at his last-known address, a statement reporting: (1) The number of units credited to such contract and the dollar value of a unit as of a date not more than two month…
Neb. Rev. Stat. § 44-2216 Agents; license required.
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All individuals selling individual variable annuities must be licensed to write variable contracts in this state under the Insurance Producers Licensing Act.
Neb. Rev. Stat. § 44-2217 Officer, director, trustee; general provisions.
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(1) No person while serving as an elected or appointed officer, director, or trustee of a company licensed pursuant to sections 44-2201 to 44-2221, nor any person serving on the board of managers, trustees, or directors of a separate account of such company shall receive either d…
Neb. Rev. Stat. § 44-2218 Certificate of authority; suspend, revoke, refuse to renew; conditions.
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The Director of Insurance may issue an order suspending, revoking or refusing to renew the certificate of authority of any company to issue variable annuities in this state if he finds that any of the following conditions exist: (1) Any cause for which the issuance of a certifica…
Neb. Rev. Stat. § 44-2219 Certificate of authority; suspend, deny, revoke, refuse to renew; notice; hearing.
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Upon the entry of an order suspending, denying, revoking, or refusing to renew a company's certificate of authority to issue variable annuities in this state, the Director of Insurance shall promptly notify the company, by registered or certified mail, that the order has been ent…
Neb. Rev. Stat. § 44-222 Insurance; maximum risks; exceptions.
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Except as otherwise provided by law, no insurance company shall expose itself to any loss on any one risk in an amount exceeding ten percent of its surplus to policyholders as reflected by the last annual statement of the company, except that domestic assessment associations orga…
Neb. Rev. Stat. § 44-222.01 Insurance; maximum risk; reinsurance; filing information with director.
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For the purpose of determining whether any one risk exceeds the limitation imposed by section 44-222, reinsurance shall be in a company acceptable to the Director of Insurance. If requested by the director, the original company writing the risk or policy shall file with the Direc…
Neb. Rev. Stat. § 44-222.02 Violations; report to Attorney General; suspension of authority to do business; appeal.
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The Director of Insurance may, if he or she finds that any person or insurer has violated any of the provisions of sections 44-222 and 44-222.01, report the facts to the Attorney General for prosecution in accordance with the provisions of section 44-395. In lieu of the criminal …
Neb. Rev. Stat. § 44-2220 Rules and regulations.
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The Director of Insurance shall have the authority to adopt and promulgate rules and regulations as are reasonable, necessary, and appropriate for the effective administration of sections 44-2201 to 44-2221. Such rules and regulations may include, but shall not be limited to, (1)…
Neb. Rev. Stat. § 44-2221 Laws applicable.
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A company licensed to issue variable annuities in this state shall be subject to all of the provisions of Chapter 44, relating to a company authorized to do a life insurance business in this state, which are not inconsistent with sections 44-2201 to 44-2221.
Neb. Rev. Stat. § 44-2222 Index-linked variable annuity; separate investment account; treatment.
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(1) For purposes of this section, an index-linked variable annuity is a variable annuity that includes index-linked crediting features, either in the contract or added to such contract by rider, endorsement, or amendment, that credit interest based on the performance of an index,…
Neb. Rev. Stat. § 44-223 Insurance companies; incorporators and directors; liability.
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The original incorporators, until the election of directors, and thereafter the directors shall be jointly and severally liable for any losses incurred during the following time or times: (1) For the excess of any policy above the maximum single risks prescribed by section 44-222…
Neb. Rev. Stat. § 44-224.01 Reinsurance, merger, consolidation; terms, defined.
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For purposes of sections 44-224.01 to 44-224.10, unless the context otherwise requires: (1) Director shall mean the Director of Insurance or his or her authorized representative; (2) Policyholders shall mean the members of mutual insurance companies, the members of assessment ass…
Neb. Rev. Stat. § 44-224.02 Reinsurance; authorization.
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(1) Any domestic insurance company may, in the course of its business, accept reinsurance or bulk reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact directly. (2) Any domestic insurance company may, in the usual course of busine…
Neb. Rev. Stat. § 44-224.03 Domestic stock company; bulk reinsurance; contract; approval.
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(1) Any domestic stock insurance company may cede its business to another licensed insurer by a contract of bulk reinsurance, but such contract shall not become effective unless first filed with and approved by the director and thereafter approved by a majority vote of the shareh…
Neb. Rev. Stat. § 44-224.04 Domestic stock company merger; contract; approval.
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Any domestic stock insurance company may merge with another stock insurer after the contract of merger is approved by the director. The director shall not approve any such contract of merger unless the interests of the policyholders or shareholders of both parties thereto are pro…
Neb. Rev. Stat. § 44-224.05 Domestic nonstock company; bulk reinsurance; contract; approval.
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(1) Any domestic insurance company operating on other than the stock plan may cede its business to another licensed insurer, whether stock, mutual, assessment, or reciprocal exchange, by a contract of bulk reinsurance upon compliance with this section. (2) Such contract of bulk r…
Neb. Rev. Stat. § 44-224.06 Domestic assessment association; bulk reinsurance; contract.
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Any domestic assessment association, which has accumulated and maintains the same reserve for liabilities that is required of a mutual company transacting the same kind or kinds of business, and which has a surplus or contingency funds equal to, or in excess of the surplus requir…
Neb. Rev. Stat. § 44-224.07 Domestic company; consolidation; contract; approval.
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(1) A contract of consolidation involving a domestic insurance company shall be approved by a majority vote of the board of directors or other governing body of each of the respective parties thereto as well as by a majority vote of the members present in person or by proxy at an…
Neb. Rev. Stat. § 44-224.08 Reinsurance; special meetings of shareholders; notice.
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All special meetings of shareholders or members called pursuant to sections 44-224.03, 44-224.05, and 44-224.07 shall be called upon a printed notice which shall contain (1) the time, place, and purpose of the meeting, (2) a brief statement of the substance of the contract and, i…
Neb. Rev. Stat. § 44-224.09 Merger, consolidation, reinsurance; appeal.
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Any party aggrieved by any order of the director approving or disapproving any contract of merger, consolidation, or bulk reinsurance may appeal, and the appeal shall be in accordance with the Administrative Procedure Act.
Neb. Rev. Stat. § 44-224.10 Reinsurance; consolidation; forfeiture of charter; when.
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Whenever any company operating on other than the stock plan reinsures all of its risk and business in bulk its charter shall be deemed forfeited to the State of Nebraska. Whenever any company enters into a contract of consolidation and thereby loses its separate identity, its cha…
Neb. Rev. Stat. § 44-224.11 Domestic company; reinsurance; acceptance; conditions.
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(1) In addition to any other reinsurance authority granted by Chapter 44, any domestic insurance company authorized to transact business in this state pursuant to Chapter 44, article 2, may accept reinsurance for any insurance transacted by any affiliate or affiliates of such com…
Neb. Rev. Stat. § 44-2301 Hearings; authorized; powers of director.
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In addition to examinations expressly authorized under Chapter 44, the Director of Insurance may hold hearings to procure information helpful in the lawful administration of any of the provisions of such chapter. For the purpose of holding a hearing and the production of document…
Neb. Rev. Stat. § 44-231 Domestic company; articles of incorporation; amendment; procedure; exception.
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Except as otherwise provided in the Insurers Demutualization Act, any domestic insurance company, association, or society, hereinafter called company, may amend its articles of incorporation from time to time without limitation so long as the articles as amended contain only such…
Neb. Rev. Stat. § 44-2312 Hearings, appeals; law governing.
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Hearings and appeals in contested cases under the provisions of Chapter 44 as the same now provide or may hereafter from time to time be amended shall be in accordance with the Administrative Procedure Act.
Neb. Rev. Stat. § 44-233 Domestic stock company; change to mutual company; requirements.
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If any domestic insurance company, operating upon a stock basis, hereafter desires to amend its articles of incorporation and change its methods of doing business to those of a mutual company, it shall, in addition to the requirements of section 44-231, comply with the provisions…
Neb. Rev. Stat. § 44-234 Domestic stock company; change to mutual company; plan; requirements.
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The board of directors shall submit to the Director of Insurance: (1) Two copies of the proposed amendments to its articles of incorporation as provided for in section 44-231, duly certified by the secretary of the company, for filing in the office of the director and as many add…
Neb. Rev. Stat. § 44-235 Domestic stock company; change to mutual company; plan; contents.
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The plan for the mutualization of the company shall among other things include: (1) A statement of the value of the interest of the shareholders in the company as ascertained by the company, which value shall not exceed the fair value thereof, and the amount proposed to be paid t…
Neb. Rev. Stat. § 44-236 Domestic stock company; change to mutual company; plan; director; duties; notice.
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Upon receipt of the documents described in section 44-234, the Director of Insurance shall promptly forward by mail to each shareholder of the company a copy of the proposed amendments to the articles of incorporation, a copy of the plan for mutualization or a summary thereof, an…
Neb. Rev. Stat. § 44-237 Domestic stock company; change to mutual company; hearing; objections; evidence.
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The Director of Insurance shall hold the hearing on objections as provided by sections 44-233 to 44-241 and shall receive written objections to the plan and amendments from any policyholder or shareholder and any evidence offered in support thereof. He or she may employ such actu…
Neb. Rev. Stat. § 44-238 Domestic stock company; change to mutual company; hearing; order; appeal.
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If, upon the hearing, the Director of Insurance disapproves the plan, he or she shall enter a written order fully stating the reason therefor. If he or she approves the proposed plan and amendments, he or she shall (1) make and enter an appropriate order approving them, (2) make …
Neb. Rev. Stat. § 44-239 Domestic stock company; change to mutual company; plan; modification by director.
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If the Director of Insurance proposes modifications in the proposed plan for mutualization or amendments to the articles of incorporation, he or she shall make such proposals in the form of a written order approving the plan only upon the condition that such modifications be prom…
Neb. Rev. Stat. § 44-240 Domestic stock company; change to mutual company; plan; approval by policyholders.
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Any plan for mutualization approved by the Director of Insurance shall be submitted to the policyholders of the company at a meeting held pursuant to the plan and shall be adopted only upon the affirmative vote of two-thirds of the policyholders present and voting in person or by…
Neb. Rev. Stat. § 44-2401 Purpose of act.
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The purpose of the Nebraska Property and Liability Insurance Guaranty Association Act is to provide a method for the payment of certain claims against insolvent insurance companies, as defined in the act, to avoid unnecessary delay in payment of such claims, to avoid financial lo…
Neb. Rev. Stat. § 44-2402 Kinds of insurance covered.
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The Nebraska Property and Liability Insurance Guaranty Association Act shall apply to all kinds of direct insurance except ocean marine, motor vehicle service contract reimbursement, and those lines of insurance specified in subdivisions (1) through (4), (13) through (17), (19), …