Nebraska § 44-801 Domestic associations; special and additional requirements; amendments to bylaws; approval of department required

Nebraska Statutes

§ 44-801 — Domestic associations; special and additional requirements; amendments to bylaws; approval of department required

Nebraska·Ch. 44 Insurance

No domestic assessment association shall begin to transact the business of insurance until (1) its bylaws, stating in detail its scheme and method of doing business, shall have been approved by the Department of Insurance; and (2) it has received one hundred or more applications for membership, and shall have received in cash the proceeds of one assessment, unless formed to insure grain elevators and contents, warehouses, coal sheds, lumber yards and flour mills, in which case there shall be not less than fifty applications for membership.
Every amendment to a bylaw, which in any manner changes the scheme or method of doing business, must be approved by the Department of Insurance before it shall take effect.

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No domestic assessment association shall begin to transact the business of insurance until (1) its bylaws, stating in detail its scheme and method of doing business, shall have been approved by the Department of Insurance; and (2) it has received one hundred or more applications for membership, and shall have received in cash the proceeds of one assessment, unless formed to insure grain elevators and contents, warehouses, coal sheds, lumber yards and flour mills, in which case there shall be not less than fifty applications for membership.
Every amendment to a bylaw, which in any manner changes the scheme or method of doing business, must be approved by the Department of Insurance before it shall take effect.

Nebraska § 44-801 (Domestic associations; special and additional requirements; amendments to bylaws; approval of department required) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: Laws 1913, c. 154, § 124, p. 463; R.S.1913, § 3261; Laws 1919, c. 190, tit. V, art. X, § 1, p. 644; C.S.1922, § 7860; C.S.1929, § 44-901; R.S.1943, § 44-801; Laws 1957, c. 178, § 13, p. 617. Annotations: Assessments were made in conformity with statute and policyholder liable thereon. Nebraska Mutual Ins. Co. v. Borden, 132 Neb. 656, 272 N.W. 767 (1937).