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2,111 sections in this chapter.
Neb. Rev. Stat. § 44-2403 Terms, defined.
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As used in the Nebraska Property and Liability Insurance Guaranty Association Act, unless the context otherwise requires: (1) Account means any one of the three accounts created by section 44-2404; (2) Director means the Director of Insurance or duly authorized representative; (3…
Neb. Rev. Stat. § 44-2404 Nebraska Property and Liability Insurance Guaranty Association; legal entity; members; functions.
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There is hereby created a nonprofit unincorporated legal entity to be known as the Nebraska Property and Liability Insurance Guaranty Association. All insurers defined as member insurers in subdivision (6) of section 44-2403 shall be and remain members of the association as a con…
Neb. Rev. Stat. § 44-2405 Association; board of directors; members; number; selection; qualifications; expenses.
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(1) The board of directors of the association shall consist of seven member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the director. At least four members of the board sh…
Neb. Rev. Stat. § 44-2406 Claims; filing; determination.
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(1) The association shall be obligated only to the extent of the covered claims existing prior to the date a member insurer becomes an insolvent insurer or arising within thirty days after it has been determined that the insurer is an insolvent insurer, before the policy expirati…
Neb. Rev. Stat. § 44-2407 Association; duties; powers; enumerated; settlement, release, compromise, or waiver; effect on association.
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(1) The association shall: (a) Allocate claims paid and expenses incurred among the three accounts separately and assess member insurers separately for each account in the amounts necessary to pay (i) the obligations of the association under section 44-2406, (ii) the expenses of …
Neb. Rev. Stat. § 44-2408 Association; plan of operation; amendments; submit to director.
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(1)(a) The association shall submit to the director a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable, and equitable administration of the affairs of the association. The plan of operation and any amendments thereto shall become e…
Neb. Rev. Stat. § 44-2409 Director; duties.
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(1) The director shall: (a) Notify the association of the existence of any insolvent insurer not later than three days after he or she receives notice of the determination of the insolvency and order of liquidation pursuant to the Nebraska Insurers Supervision, Rehabilitation, an…
Neb. Rev. Stat. § 44-241 Domestic stock company; change to mutual company; expenses of department; payment by company.
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All reasonable expenses incurred by the Department of Insurance shall be certified to by the director and paid by the company.
Neb. Rev. Stat. § 44-2410 Assignment of rights; notice of claims; settlement; effect; statement of claims; file with director.
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(1) Any person recovering under the Nebraska Property and Liability Insurance Guaranty Association Act shall be deemed to have assigned his or her rights under the policy to the association to the extent of such recovery from the association. Every insured or claimant seeking rec…
Neb. Rev. Stat. § 44-2411 Exhaustion of remedies.
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(1) Any person having a claim against any insurer under any provisions of any insurance policy, which claim is also a covered claim against an insolvent insurer under the Nebraska Property and Liability Insurance Guaranty Association Act, shall be required to exhaust all rights u…
Neb. Rev. Stat. § 44-2412 Board of directors; director; duties.
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To aid in the detection and prevention of insurer insolvencies: (1) It shall be the duty of the board of directors, upon majority vote, to notify the director of any information indicating that any member insurer may be insolvent or in a financial condition hazardous to the polic…
Neb. Rev. Stat. § 44-2413 Association; director; examine; regulate; financial report; furnish.
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The association shall be subject to examination and regulation by the director. Any such examination conducted pursuant to the provisions of this section shall be paid for by the association. The board of directors shall submit to the director, not later than March 30 of each yea…
Neb. Rev. Stat. § 44-2414 Association; fees and taxes; exempt.
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The association shall be exempt from the payment of all fees and all taxes levied by this state or any of its subdivisions except taxes levied on real or personal property.
Neb. Rev. Stat. § 44-2415 Exemption from liability.
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There shall be no liability on the part of, and no cause of action of any nature shall rise against, any member insurer, the association or its agents or employees, the board of directors of the association, any servicing facility designated by the association in accordance with …
Neb. Rev. Stat. § 44-2416 Advertisements by member insurers of coverage by association; prohibited.
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Advertisements by member insurers which include a reference to the coverage of the insurance guaranty association are specifically prohibited.
Neb. Rev. Stat. § 44-2417 Assessments made by insurance guaranty associations of other states; not considered taxes, fees, licenses, obligations, prohibitions, or restrictions.
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Assessments made by the insurance guaranty associations, or similar entities, pursuant to the laws of any other state shall not be considered taxes, licenses, other fees, other material obligations, prohibitions, or restrictions as those terms are defined in section 44-150.
Neb. Rev. Stat. § 44-2418 Act, how cited.
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Sections 44-2401 to 44-2419 shall be known and may be cited as the Nebraska Property and Liability Insurance Guaranty Association Act.
Neb. Rev. Stat. § 44-2419 Order of liquidation; stay.
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All proceedings arising out of a claim under a policy of insurance written by an insolvent insurer shall be stayed for one hundred twenty days from the date of entry of the order of liquidation to permit proper defense by the association of all such pending causes of action. Noth…
Neb. Rev. Stat. § 44-242 All-lines insurer; terms, defined.
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For purposes of sections 44-242 to 44-247, unless the context otherwise requires: (1) An all-lines insurer shall mean an insurer authorized to write more than one line of insurance included in a life insurance class of insurance and one or more lines of insurance included in a pr…
Neb. Rev. Stat. § 44-243 All-lines insurer; minimum surplus; maintain; failure; effect.
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Except as provided in section 44-202.01, an all-lines insurer shall maintain a minimum surplus to policyholders, as defined in section 44-222, of at least two million dollars in the form of capital, if a stock insurance company, or in the form of surplus, if a mutual insurance co…
Neb. Rev. Stat. § 44-244 All-lines insurer; class of insurance; annual statement; premiums; how accounted for.
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Each line of insurance written by an all-lines insurer which is included in the life insurance class of insurance or the property and liability class of insurance shall be accounted for separately in life and accident and health annual statement blanks and fire and casualty annua…
Neb. Rev. Stat. § 44-245 All-lines insurer; impairment or insolvency; liabilities; how charged.
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In the event of impairment or insolvency of an all-lines insurer, the excess of the liabilities of one class of insurance over the accumulated assets attributable to that class of insurance may be charged as necessary against the assets of the other class only to the extent that …
Neb. Rev. Stat. § 44-246 Insurance statutes, applicability; sections, how construed.
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All requirements, limitations, and restrictions of Chapter 44 which apply to specific lines of insurance or to companies identified by the specific lines of insurance transacted by them shall apply to such companies and to all persons or agents thereof with respect to such specif…
Neb. Rev. Stat. § 44-247 Department; rules and regulations.
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The department shall adopt and promulgate rules and regulations necessary to carry out sections 44-242 to 44-247.
Neb. Rev. Stat. § 44-248 Plan of exchange; act, how cited.
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Sections 44-248 to 44-255 shall be known and may be cited as the Insurance Company Plan of Exchange Act.
Neb. Rev. Stat. § 44-249 Plan of exchange; adoption.
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Any domestic stock insurance company may adopt a plan providing for the exchange of its outstanding shares for the consideration designated in this section to be paid or provided by a corporation which is to acquire such shares in the manner provided in sections 44-248 to 44-255.…
Neb. Rev. Stat. § 44-250 Plan of exchange; approval by directors.
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The board of directors of each corporation which is a party to a plan of exchange shall by resolution upon a vote of two-thirds of all of its directors approve a plan of exchange setting forth: (1) The names of the companies proposing to adopt a plan of exchange, and the names of…
Neb. Rev. Stat. § 44-2501 Domestic insurer; prohibited acts.
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No domestic insurer shall enter into any contract of insurance upon the life or person of a resident of a reciprocal state, or covering property or risks located in a reciprocal state, unless the insurer is authorized pursuant to the laws of such reciprocal state to do business t…
Neb. Rev. Stat. § 44-2502 Reciprocal state, defined.
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For purposes of sections 44-2501 to 44-2504, reciprocal state shall mean any state the laws of which impose substantially similar restrictions upon an insurer organized under the laws of that state as are imposed upon domestic insurers by section 44-2501.
Neb. Rev. Stat. § 44-2503 Department; reciprocal states; listing.
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The department shall make available to any domestic insurer upon request a listing specifying the several reciprocal states.
Neb. Rev. Stat. § 44-2504 Unauthorized act; violation; penalty.
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Any domestic insurer who transacts any unauthorized act of insurance business as regulated by sections 44-2501 to 44-2504 shall be guilty of a misdemeanor and shall, upon conviction thereof, be fined not more than ten thousand dollars.
Neb. Rev. Stat. § 44-251 Plan of exchange; approval; submit to shareholders.
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(1) Such plan of exchange shall then be submitted to the Director of Insurance for his or her approval after a hearing at which the shareholders of the company to be acquired shall have an opportunity to be heard upon at least ten days' notice to be given by the company to its sh…
Neb. Rev. Stat. § 44-252 Plan of exchange; effective; abandon; when.
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Upon such approval of the plan by the shareholders, it shall be executed by the company acquired by its president or vice president and by its secretary or an assistant secretary and shall become effective without other action upon the filing thereof with the Director of Insuranc…
Neb. Rev. Stat. § 44-253 Plan of exchange; disapproval by shareholder; demand for payment; disagreement; action of shareholder; judgment; payment; effect.
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Any shareholder of the company acquired may elect to exercise a right of dissent by filing with the company, prior to or at the meeting of shareholders at which such proposed plan is submitted to a vote, written objections to such proposed plan. If such proposed plan be approved …
Neb. Rev. Stat. § 44-254 Plan of exchange; transfer; effect.
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(1) Upon a plan of exchange becoming effective, the exchange provided for therein shall be considered to have been consummated and each shareholder of the stock insurance company acquired shall cease to be a shareholder of such company. The ownership of all shares of the issued a…
Neb. Rev. Stat. § 44-255 Plan of exchange; corporate status.
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The stock company acquired under a plan of exchange and the acquiring corporation shall be in all respects separate and distinct corporations, with neither corporation having any liability to the creditors or policyholders, if any, or shareholders of the other for any acts or omi…
Neb. Rev. Stat. § 44-2606 Definitions; where found.
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For the purpose of sections 44-2606 to 44-2635, unless the context otherwise requires, the definitions found in sections 44-2607 to 44-2613 shall be used.
Neb. Rev. Stat. § 44-2607 Insurance consultant, defined.
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Insurance consultant shall mean any person who, for a fee, engages in the business of offering to the public any advice, counsel, opinion, or service with respect to insurable risks, or concerning the benefits, coverages, or provisions under any policy of insurance that could be …
Neb. Rev. Stat. § 44-2608 Risk manager, defined.
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Risk manager shall mean any person who is a full-time employee who deals with matters of insurance within the scope of his or her employment, including the supervision of employee benefits.
Neb. Rev. Stat. § 44-2609 Agent, defined.
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Agent shall mean and include insurance agent, surplus lines licensee, and broker.
Neb. Rev. Stat. § 44-2610 Person, defined.
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Person shall mean any individual, corporation, partnership, limited liability company, or other entity.
Neb. Rev. Stat. § 44-2611 Pure risk, defined.
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Pure risk shall mean any risk that involves the chance of loss or no loss only with no possibility of gain.
Neb. Rev. Stat. § 44-2612 Director, defined.
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Director shall mean the Director of Insurance.
Neb. Rev. Stat. § 44-2613 Department, defined.
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Department shall mean the Department of Insurance.
Neb. Rev. Stat. § 44-2614 Insurance consultant; acts requiring licensure.
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No person shall, in or on advertisements, cards, signs, circulars, letterheads, or elsewhere or in any other manner by which public announcements are made, use the title insurance consultant or any similar title or any title, word, combination of words, or abbreviation indicating…
Neb. Rev. Stat. § 44-2615 Insurance consultant; license; violation; penalty.
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No person shall act as an insurance consultant until he or she has been licensed as provided by sections 44-2606 to 44-2635. Any person violating this section shall be guilty of a Class IV misdemeanor.
Neb. Rev. Stat. § 44-2616 Person; not acting as insurance consultant; when.
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A person shall not be deemed to be acting as an insurance consultant under any of the following circumstances: (1) If a licensed agent gives advice incidental to the normal course of the agent's insurance business and does not charge a fee other than commissions received from ins…
Neb. Rev. Stat. § 44-2617 Corporation, partnership, or limited liability company; licensed as insurance consultant; requirements.
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Any corporation, partnership, or limited liability company engaged in the business of insurance consulting may become licensed as an insurance consultant. No license shall be granted to a corporation, partnership, or limited liability company unless the corporation, partnership, …
Neb. Rev. Stat. § 44-2618 Nonresident consultant; rights and privileges.
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A nonresident applicant may qualify for a license under sections 44-2606 to 44-2635 as a nonresident consultant. A license issued to a nonresident shall grant the same rights and privileges offered a resident licensee, except that whenever, by the laws, rules, or regulations of a…
Neb. Rev. Stat. § 44-2619 Nonresident consultant; applicant; examination.
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Any nonresident applicant whose resident state does not license insurance consultants may qualify for a license as a nonresident consultant in this state only upon examination, except as provided in section 44-2625.