Nebraska § 44-223 Insurance companies; incorporators and directors; liability

Nebraska Statutes

§ 44-223 — Insurance companies; incorporators and directors; liability

Nebraska·Ch. 44 Insurance

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 during the time that such policy exceeds such maximum single risks;

(2)for any losses occurring upon any new risk taken after the expiration of the period designated by the Department of Insurance in accordance with sections 44-120 to 44-124 in which to make good any deficiency; and (3) for all debts and liabilities contracted prior to the time the company received its certificate of authority.

Free access — add to your briefcase to read the full text and ask questions with AI

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 during the time that such policy exceeds such maximum single risks; (2) for any losses occurring upon any new risk taken after the expiration of the period designated by the Department of Insurance in accordance with sections 44-120 to 44-124 in which to make good any deficiency; and (3) for all debts and liabilities contracted prior to the time the company received its certificate of authority.

Nebraska § 44-223 (Insurance companies; incorporators and directors; liability) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: Laws 1913, c. 154, § 89, p. 432; R.S.1913, § 3226; Laws 1919, c. 190, tit. V, art. V, § 12, p. 612; C.S.1922, § 7825; C.S.1929, § 44-412; R.S.1943, § 44-223; Laws 1959, c. 198, § 1, p. 706; Laws 1989, LB 92, § 71.