§ 44-4225 — Board; report; Comprehensive Health Insurance Pool Distributive Fund; created; use; investment; director; funding powers

Nebraska § 44-4225

• Jurisdiction: Nebraska
• Ch. 44: Insurance

Text

(1) Following the close of each calendar
year, the board shall report the board's determination of the paid and incurred
losses for the year, taking into account investment income and other appropriate
gains and losses. The board shall distribute copies of the report to the director,
the Governor, and each member of the Legislature. The report submitted to each member of the Legislature
shall be submitted electronically.
(2) The Comprehensive Health Insurance Pool Distributive Fund is created.
Commencing with the premium and related retaliatory taxes for the taxable
year ending December 31, 2001, and for each taxable year thereafter, any premium
and related retaliatory taxes imposed by section 44-150 or 77-908 paid by
insurers writing health insurance in this state, except as otherwise set forth
in subdivisions (1) and (2) of section 77-912 , shall be remitted to the State
Treasurer for credit to the fund. The fund shall be used for the operation
of and payment of claims made against the pool. Any money in the fund available
for investment shall be invested by the state investment officer pursuant
to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment
Act.
(3) The board shall make periodic estimates of the amount needed from
the fund for payment of losses resulting from claims, including a reasonable
reserve, and administrative, organizational, and interim operating expenses
and shall notify the director of the amount needed and the justification of
the board for the request.
(4) The director shall approve all withdrawals from the fund and may
determine when and in what amount any additional withdrawals may be necessary
from the fund to assure the continuing financial stability of the pool.
(5) No later than May 1, 2002, and each May 1 thereafter, after funding
of the net loss from operation of the pool for the prior premium and related
retaliatory tax year, taking into account the policyholder premiums, account
investment income, claims, costs of operation, and other appropriate gains
and losses, the director shall transmit any money remaining in the fund as
directed by section 77-912 , disregarding the provisions of subdivisions (1)
through (3) of such section. Interest earned on money in the fund shall be
credited proportionately in the same manner as premium and related retaliatory
taxes set forth in section 77-912 .

Legislative History

Source: Laws 1985, LB 391, § 25; Laws 1991, LB 419, § 3; Laws 1992, LB 1006, § 38; Laws 2000, LB 1253, § 27; Laws 2011, LB73, § 6; Laws 2012, LB782, § 54. Cross References: Nebraska Capital Expansion Act, see section 72-1269. Nebraska State Funds Investment Act, see section 72-1260.