Nebraska § 44-1084 Reinsurance; authorized

Nebraska Statutes

§ 44-1084 — Reinsurance; authorized

Nebraska § 44-1084

Ch. 44Insurance

This text of Nebraska § 44-1084 (Reinsurance; authorized) is published on Counsel Stack Legal Research, covering Nebraska primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Neb. Rev. Stat. § 44-1084 (2026).

Text

(1)A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which is approved by the Director of Insurance, but no such society may reinsure substantially all of its insurance in force without the written permission of the director. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit shall be allowed as an admitted asset to or as a deduction from liability of a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after September 6, 1985, unless the reinsurance is payable by the assuming insure

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(1) A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer, other than another fraternal benefit society, having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which is approved by the Director of Insurance, but no such society may reinsure substantially all of its insurance in force without the written permission of the director. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit shall be allowed as an admitted asset to or as a deduction from liability of a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after September 6, 1985, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society.
(2) Notwithstanding the limitation in subsection (1) of this section, a society may reinsure the risks of another society in a consolidation or merger approved by the Director of Insurance pursuant to section 44-1085 .