reglab/housing_qa huggingface dataset:
NE Code § 44-6127 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6127 - Plan of reorganization; public hearing; notice.

44-6127.  Plan of reorganization; public hearing; notice.The director shall conduct a public hearing regarding a proposed plan of reorganization within one hundred twenty days after the date the completed proposed plan of reorganization is filed pursuant to section 44-6126 unless extended by the director for good cause. Any interested person may appear or otherwise be heard at the public hearing. The director may in his or her discretion continue the public hearing for a reasonable period of time not to exceed sixty days. The mutual insurer shall give such reasonable notice of the public hearing as the director in his or her discretion may require.Source  Laws 1997, LB 740, § 6.
NE Code § 44-6128 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6128 - Plan of reorganization; approval; director; order.

44-6128.  Plan of reorganization; approval; director; order.(1) The director shall issue an order approving or disapproving a proposed plan of reorganization within thirty days after the close of the public hearing as required by section 44-6127.(2) The director shall not approve a proposed plan of reorganization unless he or she finds that:(a) The plan of reorganization is fair and equitable to the policyholders;(b) The plan of reorganization does not deprive the policyholders of their property rights or due process of law; and(c) The reorganized stock insurer would meet the minimum requirements to be issued a certificate of authority by the director to transact the business of insurance in this state and the continued operations of the reorganized stock insurer would not be hazardous to future policyholders and the public.(3) If the director approves a plan of reorganization, the director shall also publish notification of the issuance of the order in a legal newspaper in Lancaster County and in the county of domicile of the mutual insurer if different than Lancaster County.(4) If the director approves a plan of reorganization, the approval shall expire if the reorganization is not completed within one hundred eighty days after the date of approval unless extended by the director for good cause.(5) If the director disapproves a plan of reorganization, the director shall issue an order setting forth specific findings for the disapproval.Source  Laws 1997, LB 740, § 7.
NE Code § 44-6129 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6129 - Plan of reorganization; policyholders vote.

44-6129.  Plan of reorganization; policyholders vote.(1) Within forty-five days after the date of the director's approval of a plan of reorganization pursuant to section 44-6128, unless extended by the director for good cause, the mutual insurer shall hold a meeting of its policyholders at a reasonable time and place to vote upon the plan of reorganization. The mutual insurer shall give notice at least thirty days before the time fixed for the meeting, by first-class mail to the last-known address of each policyholder, that the plan of reorganization will be voted upon at a regular or special meeting of the policyholders. The notice shall include a brief description of the plan of reorganization and a statement that the director has approved the plan of reorganization. The notice to each policyholder shall also include a written proxy permitting the policyholder to vote for or against the plan of reorganization. The entity to which any group insurance policy is issued, and not any person covered under the group insurance policy, shall be considered the policyholder for purposes of voting. A plan of reorganization shall be approved only if not less than two-thirds of the policyholders voting in person or by proxy at the meeting vote in favor of such plan of reorganization. Each policyholder shall be entitled to only one vote regardless of the number of policies owned by the policyholder. The director shall supervise and direct the conduct of the vote on the plan of reorganization as necessary to ensure that the vote is fair and consistent with the requirements of this section.(2) If a mutual insurer complies substantially and in good faith with the notice requirements of this section, the mutual insurer's failure to give any policyholder any required notice does not impair the validity of any action taken under this section.(3) If the meeting of policyholders to vote upon the plan of reorganization is held coincident with the mutual insurer's annual meeting of the policyholders, only one combined notice of meeting is required.(4) The form of any proxy shall be filed with and approved by the director.(5) For purposes of voting, policyholders means the policyholders of the mutual insurer on the day the plan of reorganization is initially approved by the board of directors of the mutual insurer.Source  Laws 1997, LB 740, § 8.
NE Code § 44-6130 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6130 - Certificate of authority; issuance.

44-6130.  Certificate of authority; issuance.The director shall issue a certificate of authority to a reorganized stock insurer when the mutual insurer files with the director (1) a certificate stating that all of the conditions set forth in the plan of reorganization have been satisfied so long as the board of directors of the mutual insurer has not abandoned the plan of reorganization pursuant to section 44-6133 and (2) a certificate from the mutual insurer setting forth the vote and certifying that the plan of reorganization was approved by not less than two-thirds of the policyholders voting in person or by proxy on the plan of reorganization. The reorganization shall be effective upon the issuance of a certificate of authority by the director. Upon issuance of the certificate of authority, the insurer's articles of incorporation shall be treated as amended in compliance with section 44-231.Source  Laws 1997, LB 740, § 9.
NE Code § 44-6131 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6131 - Appeal; procedure.

44-6131.  Appeal; procedure.Any person affected by a final order issued pursuant to the Mutual Insurance Holding Company Act shall have the right to appeal such order to the district court of Lancaster County. The appeal shall be in accordance with the Administrative Procedure Act.Source  Laws 1997, LB 740, § 10. Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 44-6132 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6132 - Corporate existence; continuation.

44-6132.  Corporate existence; continuation.Corporate existence of a mutual insurer reorganizing pursuant to the Mutual Insurance Holding Company Act shall not terminate, but the reorganized stock insurer shall be deemed to be a continuation of the mutual insurer and to have been organized on the date the mutual insurer was originally organized.Source  Laws 1997, LB 740, § 11.
NE Code § 44-6132.01 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6132.01 - Name.

44-6132.01.  Name.If the name of a mutual insurer reorganizing as a reorganized stock insurer pursuant to the Mutual Insurance Holding Company Act includes the word mutual, the reorganized stock insurer may continue to use the word mutual in its name if (1) the name includes a word or words that identify the reorganized stock insurer as a stock insurer and (2) the director finds that the continued use of the word mutual in its name is not likely to mislead or deceive the public.Source Laws 1999, LB 259, § 14.
NE Code § 44-6133 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6133 - Plan of reorganization; abandonment.

44-6133.  Plan of reorganization; abandonment.A mutual insurer may, by not less than a two-thirds vote of the members of its board of directors and with the approval of the director, abandon a plan of reorganization at any time before the issuance of the certificate of authority by the director. Upon such abandonment, all rights and obligations arising out of the plan of reorganization shall terminate and the mutual insurer shall continue to conduct its business as a domestic mutual insurer as though no plan of reorganization had ever been adopted.Source  Laws 1997, LB 740, § 12.
NE Code § 44-6134 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6134 - Membership interest; not a security.

44-6134.  Membership interest; not a security.A membership interest in a mutual insurance holding company does not constitute a security under the laws of this state.Source  Laws 1997, LB 740, § 13.
NE Code § 44-6135 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6135 - Annual statement; audit.

44-6135.  Annual statement; audit.A mutual insurance holding company shall file with the director, by March 1 of each year, an annual statement consisting of an income statement, balance sheet, and cash flows prepared in accordance with generally accepted accounting practices and a confidential statement disclosing any intention to pledge, borrow against, alienate, hypothecate, or in any way encumber the assets of the mutual insurance holding company. A mutual insurance holding company shall also have an annual audit by an independent certified public accountant in a form approved by the director and shall file such audit on or before June 1 of each year for the year ending December 31 immediately preceding.Source  Laws 1997, LB 740, § 14.
NE Code § 44-6136 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6136 - Production of records.

44-6136.  Production of records.The director shall have the power to order production of any records, books, or other information and papers in the possession of a mutual insurance holding company or its affiliates as are reasonably necessary to ascertain the financial condition of the reorganized stock insurer or to determine compliance with Chapter 44.Source  Laws 1997, LB 740, § 15.
NE Code § 44-6137 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6137 - Construction of act.

44-6137.  Construction of act.Nothing contained in the Mutual Insurance Holding Company Act shall be construed to prohibit demutualization of a mutual insurance holding company pursuant to the Insurers Demutualization Act.Source  Laws 1997, LB 740, § 16. Cross References  Insurers Demutualization Act, see section 44-6101.
NE Code § 44-6138 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6138 - Fee, commission, or consideration; restrictions.

44-6138.  Fee, commission, or consideration; restrictions.(1)(a) No director, officer, employee, or agent of the mutual insurer and no other person shall receive any fee, commission, or other valuable consideration whatsoever, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting in a plan of reorganization except as set forth in the plan of reorganization approved by the director.(b) Subdivision (1)(a) of this section shall not prohibit a management-incentive compensation program which is contained in the plan of reorganization and approved by the director to be adopted upon reorganization to the reorganized stock insurer or prohibit such a program to be later adopted by the reorganized stock insurer.(c) All fees, commissions, compensation, and valuable consideration described in this subsection shall be subject to the restrictions on salary, compensation, and emoluments in section 44-213.(2) Subdivision (1)(a) of this section shall not be deemed to prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries, and investment bankers for services performed in the independent practice of their professions even though any such person is also a member of the board of directors of the mutual insurer.Source  Laws 1997, LB 740, § 17.
NE Code § 44-6139 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6139 - Experts; costs of review.

44-6139.  Experts; costs of review.For purposes of determining whether a plan of reorganization meets the requirements of the Mutual Insurance Holding Company Act or in connection with any other matters relating to development of a plan of reorganization, the director may engage the services of experts. All reasonable costs related to the review of a plan of reorganization or such other matters, including those costs attributable to the use of experts, shall be paid by the mutual insurer making the filing or initiating discussions with the director about such matters.Source  Laws 1997, LB 740, § 18.
NE Code § 44-6141 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6141 - Enforcement.

44-6141.  Enforcement.Whenever it appears to the director that any person or any director, officer, employee, or agent of the person has committed or is about to commit a violation of the Mutual Insurance Holding Company Act or of any rule, regulation, or order of the director, the director may apply to the district court of Lancaster County for an order enjoining such person, director, officer, employee, or agent from violating or continuing to violate the act or any such rule, regulation, or order and for such other equitable relief as the nature of the case and the interest of the insurer's policyholders, creditors, and shareholders or the public may require.Source  Laws 1997, LB 740, § 20.
NE Code § 44-6142 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6142 - Rules and regulations.

44-6142.  Rules and regulations.The director may adopt and promulgate rules and regulations and issue orders to carry out the Mutual Insurance Holding Company Act.Source  Laws 1997, LB 740, § 21.
NE Code § 44-6201 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6201 - Act, how cited.

44-6201.  Act, how cited.Sections 44-6201 to 44-6211 shall be known and may be cited as the Assumption Reinsurance Act.Source  Laws 1993, LB 583, § 62.
NE Code § 44-6202 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6202 - Purpose of act.

44-6202.  Purpose of act.It is the purpose of the Assumption Reinsurance Act to provide for the regulation of the transfer and novation of contracts of insurance by way of assumption reinsurance. The act describes assumption reinsurance and establishes notice and disclosure requirements which protect and define the rights and obligations of policyholders, regulators, and the parties to assumption reinsurance agreements.Source  Laws 1993, LB 583, § 63.
NE Code § 44-6203 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6203 - Applicability of act.

44-6203.  Applicability of act.(1) The Assumption Reinsurance Act shall apply to any insurer authorized to transact business in this state which either assumes or transfers the obligations or risks on contracts of insurance owned by policyholders residing in this state pursuant to an assumption reinsurance agreement. The act shall not relieve any insurer of any other requirements of the insurance laws of this state.(2) The act shall not apply to:(a) Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations or risks under the contracts of insurance subject to the reinsurance agreement;(b) The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;(c) The transfer of contracts of insurance pursuant to mergers or consolidations of two or more insurers to the extent that those transactions are regulated by law;(d) Any insurer subject to a judicial order of rehabilitation or liquidation; or(e) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party.Source  Laws 1993, LB 583, § 64.
NE Code § 44-6204 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6204 - Terms, defined.

44-6204.  Terms, defined.For purposes of the Assumption Reinsurance Act:(1) Assuming insurer shall mean the insurer which acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement;(2) Assumption reinsurance agreement shall mean any contract which both:(a) Transfers insurance obligations or risks of existing contracts of insurance or contracts of insurance which are in force from a transferring insurer to an assuming insurer; and(b) Is intended to effect a novation of the transferred contract of insurance with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations or risks under such contract of insurance are extinguished;(3) Contract of insurance shall mean any written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of or to the policyholder or its beneficiaries. The term shall include all lines of insurance specified in section 44-201;(4) Director shall mean the Director of Insurance;(5) Notice of transfer shall mean the written notice to the policyholders required by section 44-6205;(6) Policyholder shall mean any individual or entity which has the right to terminate or otherwise alter the terms of a contract of insurance. The term shall include any certificate holder whose certificate is in force on the proposed effective date of the assumption if the certificate holder has the right to keep the certificate in force without change in benefit following termination of the group policy. Such rights to keep the certificate in force shall not include the right to elect individual coverage under sections 44-1640 to 44-1645 or the federal Consolidated Omnibus Budget Reconciliation Act, section 601 et seq., of the federal Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. 1161 et seq.; and(7) Transferring insurer shall mean the insurer which transfers an insurance obligation or risk to an assuming insurer pursuant to an assumption reinsurance agreement.Source  Laws 1993, LB 583, § 65.
NE Code § 44-6205 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6205 - Notice requirements.

44-6205.  Notice requirements.(1) The transferring insurer shall provide or cause to be provided to each policyholder a notice of transfer by first-class mail addressed to the policyholder's last-known address or to the address to which premium notices or other policy documents are sent or, with respect to home-service business, by personal delivery with acknowledged receipt. A notice of transfer shall also be sent to the transferring insurer's agents or brokers of record on the affected policies.(2) The notice of transfer shall state or provide:(a) The date the transfer and novation of the policyholder's contract of insurance is proposed to take place;(b) The names, addresses, and telephone numbers of the assuming insurer and transferring insurer;(c) That the policyholder has the right to either accept or reject the transfer and novation;(d) The procedures and time limit for accepting or rejecting the transfer and novation;(e) A summary of any effect that accepting or rejecting the transfer and novation will have on the policyholder's rights;(f) A statement that the assuming insurer is authorized to write the type of business being assumed in the state where the policyholder resides or is otherwise authorized, as provided in the Assumption Reinsurance Act, to assume such business;(g) The name and address of the person at the transferring insurer to whom the policyholder should send its written statement of acceptance or rejection of the transfer and novation;(h) The address and telephone number of the insurance department of the state where the policyholder resides so that the policyholder may write or call such insurance department for further information regarding the financial condition of the assuming insurer;(i) The following information regarding both insurers:(i) Ratings for the last five years if available, or for such lesser period as is available, from two nationally recognized insurance rating services acceptable to the director, including the rating service's explanation of the rating's meaning. If ratings are unavailable for any year of the five-year period, this shall also be disclosed;(ii) The annual statement balance sheet as of December 31 for the previous two years if available, or for such lesser period as is available, and as of the date of the most recent quarterly statement; and(iii) An explanation of the reason for the transfer; and(j) Such other information as the director may by rule and regulation require.(3) A notice of transfer in a form identical or substantially similar to a form prescribed by the director shall be deemed to comply with the requirements of subsection (2) of this section.(4) The notice of transfer shall include a preaddressed, postage-paid response card which a policyholder may return as its written statement of acceptance or rejection of the transfer and novation.(5) The notice of transfer proposed to be used shall be filed with the director as part of the prior approval requirement set forth in subsection (1) of section 44-6206.Source  Laws 1993, LB 583, § 66.
NE Code § 44-6207 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6207 - Policyholder rights.

44-6207.  Policyholder rights.(1) Every policyholder shall have the right to reject the transfer and novation of his or her contracts of insurance. Policyholders electing to reject the assumption transaction shall return to the transferring insurer the preaddressed, postage-paid response card or other written notice and indicate thereon that the assumption is rejected.(2) Payment of the next premium after notice is received to the assuming insurer shall be deemed to indicate the policyholder's acceptance of the transfer to the assuming insurer and a novation shall be deemed to have been effected if the premium notice clearly states that payment of the premium to the assuming insurer shall constitute acceptance of the transfer. Such a premium notice shall also provide a method for the policyholder to pay the premium while reserving the right to reject the transfer.(3) After no fewer than twelve months after the mailing of the initial notice of transfer required under section 44-6205, if positive acceptance to the transfer and assumption has not been received or acceptance has not been deemed to have occurred under subsection (2) of this section, the transferring insurer shall send to the policyholder a second and final notice of transfer. If the policyholder does not reject the transfer during the two-month period immediately following the date on which the transferring insurer mails the second and final notice of transfer, the policyholder's acceptance will be deemed to have occurred and novation of the contract of insurance will be effected.(4) The transferring insurer will be deemed to have received the response card on the date it is postmarked. A policyholder may also send a response card by facsimile or other electronic transmission or by registered mail, express delivery, or courier service, in which case the response card shall be deemed to have been received by the assuming insurer on the date of actual receipt by the transferring insurer.Source  Laws 1993, LB 583, § 68.
NE Code § 44-6208 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-6208 - Effect of consent.

44-6208.  Effect of consent.If a policyholder accepts the transfer pursuant to section 44-6207 or if the transfer is effected under section 44-6209, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks.Source  Laws 1993, LB 583, § 69.