§ 44-2137.01 — Director; participate in supervisory college; powers; insurer; payment of expenses

Nebraska § 44-2137.01

• Jurisdiction: Nebraska
• Ch. 44: Insurance

Text

(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
in order to determine compliance with Chapter 44 by the insurer. The powers
of the director with respect to supervisory colleges include, but are not
limited to, the following:
(a) Initiating the
establishment of a supervisory college;
(b) Clarifying the membership and participation of
other supervisors in the supervisory college;
(c) Clarifying the functions of
the supervisory college and the role of other regulators, including the establishment
of a group-wide supervisor;
(d) Coordinating the ongoing activities of the supervisory
college, including planning meetings, supervisory activities, and processes
for information sharing; and
(e) Establishing a crisis management plan.
(2) Each insurer subject
to this section shall be liable for and shall pay the reasonable expenses
of the director's participation in a supervisory college in accordance with
subsection (3) of this section, including reasonable travel expenses.
(3) In order to assess
the business strategy, financial position, legal and regulatory position,
risk exposure, risk management, and governance processes, and as part of the
examination of individual insurers in accordance with section 44-2137 , the
director may participate in a supervisory college with other regulators charged
with supervision of the insurer or its affiliates, including other state,
federal, and international regulatory agencies. The director may enter into
agreements in accordance with section 44-2138 providing the basis for cooperation
between the director and the other regulatory agencies and the activities
of the supervisory college.
(4) For purposes of this section, a supervisory college
may be convened as either a temporary or permanent forum for communication
and cooperation between the regulators charged with the supervision of the
insurer or its affiliates, and the director may establish a regular assessment
to the insurer for the payment of such expenses.
(5) Nothing in this section shall
delegate to the supervisory college the authority of the director to regulate
or supervise the insurer or its affiliates within its jurisdiction.

Legislative History

Source: Laws 2012, LB887, § 12.