Nebraska § 44-224.03 Domestic stock company; bulk reinsurance; contract; approval

Nebraska Statutes

§ 44-224.03 — Domestic stock company; bulk reinsurance; contract; approval

Nebraska § 44-224.03

Ch. 44Insurance

This text of Nebraska § 44-224.03 (Domestic stock company; bulk reinsurance; contract; approval) 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. § 44-224.03 (2026).

Text

(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 shareholders of the ceding company present in person or by proxy and voting at an annual meeting or at a special meeting called for that purpose.

(2)The director shall approve such contract within a reasonable time after such filing unless he or she finds it is inequitable to the shareholders or policyholders of both insurers. If the director does not approve the contract, he or she shall so notify the respective insurers in writing specifying his or her reasons therefor. If approved by the director, the contract shall

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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 shareholders of the ceding company present in person or by proxy and voting at an annual meeting or at a special meeting called for that purpose.
(2) The director shall approve such contract within a reasonable time after such filing unless he or she finds it is inequitable to the shareholders or policyholders of both insurers. If the director does not approve the contract, he or she shall so notify the respective insurers in writing specifying his or her reasons therefor. If approved by the director, the contract shall then be submitted to the shareholders of the ceding company for their approval as provided in subsection (1) of this section. If approved by the required vote of the shareholders, the contract shall then become effective.