§ 44-6023 — Foreign insurers or foreign health organization

Nebraska § 44-6023

• Jurisdiction: Nebraska
• Ch. 44: Insurance

Text

(1) Any foreign insurer or foreign health organization shall, upon the written request of the director, submit to the director a risk-based capital report as of the end of the calendar year just ended not later than the later of:
(a) The date a risk-based capital report would be required to be filed by a domestic insurer or domestic health organization under section 44-6015 ; or
(b) Fifteen days after the request is received by the foreign insurer or foreign health organization.
Any foreign insurer or foreign health organization shall, at the written request of the director, promptly submit to the director a copy of any risk-based capital plan that is filed with the insurance commissioner of any other state.
(2) In the event of a company action level event, a regulatory action level event, or an authorized control level event with respect to any foreign insurer or foreign health organization as determined under the risk-based capital law applicable in the state of domicile of the insurer or health organization or, if no risk-based capital law is in force in that state, under the Insurers and Health Organizations Risk-Based Capital Act, if the insurance commissioner of the state of domicile of the foreign insurer or foreign health organization fails to require the foreign insurer or foreign health organization to file a risk-based capital plan in the manner specified under the risk-based capital law applicable in the state of domicile of the insurer or health organization or, if no risk-based capital law is in force in the state of domicile of the insurer or health organization, under section 44-6016 , the director may require the foreign insurer or foreign health organization to file a risk-based capital plan with the director. In such event, the failure of the foreign insurer or foreign health organization to file a risk-based capital plan with the director shall be grounds to order the insurer or health organization to cease and desist from writing new insurance business in this state.
(3) In the event of a mandatory control level event with respect to any foreign insurer or foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign insurer or foreign health organization under the rehabilitation and liquidation law applicable in the state of domicile of the foreign insurer or foreign health organization, the director may make application to the district court of Lancaster County under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act with respect to the liquidation of property of foreign insurers or foreign health organizations found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.

Legislative History

Source: Laws 1993, LB 583, § 35; Laws 1994, LB 978, § 44; Laws 1999, LB 258, § 28. Cross References: Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act, see section 44-4862.