reglab/housing_qa huggingface dataset:
NE Code § 44-224.03 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.03 - Domestic stock company; bulk reinsurance; contract; approval.

44-224.03.  Domestic stock company; bulk reinsurance; contract; approval.(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.Source   Laws 1957, c. 180, § 3, p. 620;   Laws 1989, LB 92, § 73.
NE Code § 44-224.04 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.04 - Domestic stock company merger; contract; approval.

44-224.04.  Domestic stock company merger; contract; approval.Any domestic stock insurance company may merge with another stock insurer after the contract of merger is approved by the director. The director shall not approve any such contract of merger unless the interests of the policyholders or shareholders of both parties thereto are properly protected. If the director does not approve the contract of merger, he or she shall issue a written order of disapproval setting forth his or her findings. After having obtained the approval of the director, the contract of merger shall be consummated in the manner set forth in the Nebraska Model Business Corporation Act for the merger or consolidation of stock corporations.Source   Laws 1957, c. 180, § 4, p. 621;   Laws 1969, c. 362, § 1, p. 1286;   Laws 1976, LB 916, § 1;   Laws 1989, LB 92, § 74;   Laws 1995, LB 109, § 219;  Laws 2014, LB749, § 285. Cross References  Nebraska Model Business Corporation Act, see section 21-201.
NE Code § 44-224.05 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.05 - Domestic nonstock company; bulk reinsurance; contract; approval.

44-224.05.  Domestic nonstock company; bulk reinsurance; contract; approval.(1) Any domestic insurance company operating on other than the stock plan may cede its business to another licensed insurer, whether stock, mutual, assessment, or reciprocal exchange, by a contract of bulk reinsurance upon compliance with this section.(2) Such contract of bulk reinsurance shall not become effective unless first filed with and approved by the director and thereafter approved by a majority vote of the members 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. The director shall not approve such contract unless he or she finds it to be fair and equitable to the policyholders of each insurer involved. If the director does not so approve, he or she shall notify each insurer involved in writing specifying his or her reasons therefor.(3) Contracts of bulk reinsurance whereby an insurer operating on other than the stock plan of insurance cedes its business to a stock insurer shall provide for distribution to each policyholder of the ceding company of his or her equity in the surplus funds, if any, of such ceding company as determined under a fair and equitable formula approved by the director.Source   Laws 1957, c. 180, § 5, p. 621;   Laws 1989, LB 92, § 75.  Annotations This section does not abrogate the common law duties of corporate directors to policyholders of a mutual insurance company and the approval of a contract of bulk reinsurance by the Director of Insurance does not insulate the directors of the company from liability for violation of their fiduciary duties. Doyle v. Union Ins. Co., 202 Neb. 599, 277 N.W.2d 36 (1979).
NE Code § 44-224.06 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.06 - Domestic assessment association; bulk reinsurance; contract.

44-224.06.  Domestic assessment association; bulk reinsurance; contract.Any domestic assessment association, which has accumulated and maintains the same reserve for liabilities that is required of a mutual company transacting the same kind or kinds of business, and which has a surplus or contingency funds equal to, or in excess of the surplus required of a mutual company transacting the same kind or kinds of business, may in any contract of reinsurance or bulk reinsurance, agree to limit its assessments to the premium stated in the policies issued by the ceding company.Source  Laws 1957, c. 180, § 6, p. 622.
NE Code § 44-224.07 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.07 - Domestic company; consolidation; contract; approval.

44-224.07.  Domestic company; consolidation; contract; approval.(1) A contract of consolidation involving a domestic insurance company shall be approved by a majority vote of the board of directors or other governing body of each of the respective parties thereto as well as by a majority vote of the members present in person or by proxy at an annual meeting or at a special meeting called for that purpose. Such contract of consolidation shall be approved by the director prior to submission to the members for approval. After approval by the members, the officers of the respective parties thereto may enter into and consummate such contract of consolidation and do and perform all acts necessary to the final and complete consummation thereof. Such contract of consolidation shall designate the corporation which is to continue or survive and which shall thereafter retain a certificate of authority issued by the department. The surviving company may assume, in whole or in part, the name of the retiring company. Such contract of consolidation upon becoming effective shall have the effect of transferring the assets, rights, franchises, and interests of the companies so consolidated to the continuing or surviving company, and simultaneously therewith, such surviving or continuing company shall be deemed to have assumed all the liabilities of the consolidated companies. A contract of consolidation need not require a disposition or other distribution of the surplus assets of either party thereto to their respective policyholders. No action or proceeding pending at the time of such consolidation to which either of the consolidating parties may be a party shall be abated or discontinued by reason of such consolidation, but the same may be prosecuted to final judgment in the same manner as if the consolidation had not taken place or the continuing or surviving company may be substituted in place of any such company so consolidated, as the case may be, by order of the court in which the action or proceeding is pending.(2) Any assessment association which has accumulated and maintains the same reserve for liabilities that is required of a mutual company transacting the same kind or kinds of business and which has a surplus or contingency funds equal to or in excess of that required of a mutual company transacting the same kind or kinds of business may, in any consolidation agreement in which it is to continue or survive as an assessment association, agree to limit its assessments to the premium stated in the policies issued by the retiring company.Source   Laws 1957, c. 180, § 7, p. 622;   Laws 1989, LB 92, § 76.
NE Code § 44-224.08 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.08 - Reinsurance; special meetings of shareholders; notice.

44-224.08.  Reinsurance; special meetings of shareholders; notice.All special meetings of shareholders or members called pursuant to sections 44-224.03, 44-224.05, and 44-224.07 shall be called upon a printed notice which shall contain (1) the time, place, and purpose of the meeting, (2) a brief statement of the substance of the contract and, in the case of the type of a bulk reinsurance contract contemplated by subsection (3) of section 44-224.05, a brief statement of the plan for distributing or otherwise disposing of the surplus assets, if any, of the ceding company, and (3) a copy of the order of the director approving the contract. Such notice shall be mailed at least ten days prior to the date the special meeting is called and shall be directed to the shareholder or member at his or her last post office address appearing on the records of the company.Source   Laws 1957, c. 180, § 8, p. 623;   Laws 1989, LB 92, § 77.
NE Code § 44-224.09 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.09 - Merger, consolidation, reinsurance; appeal.

44-224.09.  Merger, consolidation, reinsurance; appeal.Any party aggrieved by any order of the director approving or disapproving any contract of merger, consolidation, or bulk reinsurance may appeal, and the appeal shall be in accordance with the Administrative Procedure Act.Source   Laws 1957, c. 180, § 9, p. 624;   Laws 1969, c. 359, § 11, p. 1272;   Laws 1988, LB 352, § 42.  Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 44-224.10 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.10 - Reinsurance; consolidation; forfeiture of charter; when.

44-224.10.  Reinsurance; consolidation; forfeiture of charter; when.Whenever any company operating on other than the stock plan reinsures all of its risk and business in bulk its charter shall be deemed forfeited to the State of Nebraska. Whenever any company enters into a contract of consolidation and thereby loses its separate identity, its charter shall be deemed forfeited to the State of Nebraska.Source  Laws 1957, c. 180, § 10, p. 624.
NE Code § 44-224.11 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-224.11 - Domestic company; reinsurance; acceptance; conditions.

44-224.11.  Domestic company; reinsurance; acceptance; conditions.(1) In addition to any other reinsurance authority granted by Chapter 44, any domestic insurance company authorized to transact business in this state pursuant to Chapter 44, article 2, may accept reinsurance for any insurance transacted by any affiliate or affiliates of such company which such company is not authorized to transact directly. The term affiliate shall have the same meaning as that stated for such term in section 44-2121.(2) Before an insurance company may transact a business of accepting reinsurance pursuant to this section, it shall obtain the approval of the Department of Insurance. No such approval shall be granted or continued in effect unless the company has and maintains a minimum surplus, in cash or invested as provided by law, of at least two million dollars and has and maintains admitted assets of at least ten million dollars. No such approval shall be granted or continued in effect if the Director of Insurance finds that such approval would not be in the best interests of the policyholders, shareholders, or public because of the competence, experience, or integrity of the management personnel of such business, the terms of reinsurance accepted in connection with such business, or the effect of the operation of such business on the other operations of the company.(3) No insurance company shall accept reinsurance pursuant to the authority granted by this section on any one risk in an amount exceeding five percent of its surplus to policyholders as reflected by the last annual statement of the company. The term any one risk and the term surplus to policyholders shall have the same meaning as that stated for such terms in section 44-222.(4) Nothing in this section shall be construed to require any insurance company otherwise authorized by law to transact the business of reinsurance to exercise the authority granted by this section.(5) The Department of Insurance shall adopt and promulgate such reasonable rules and regulations as may be necessary or appropriate to carry out the provisions of this section in accordance with the provisions of the Administrative Procedure Act. Such rules and regulations may include rules and regulations pertaining to the form of application for transaction of business authorized by this section, the plan of operation of such business, the qualifications of personnel engaged in such business, and the accounting and reporting procedures applicable to such business.Source   Laws 1978, LB 464, § 1;   Laws 1991, LB 236, § 37.  Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 44-233 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-233 - Domestic stock company; change to mutual company; requirements.

44-233.  Domestic stock company; change to mutual company; requirements.If any domestic insurance company, operating upon a stock basis, hereafter desires to amend its articles of incorporation and change its methods of doing business to those of a mutual company, it shall, in addition to the requirements of section 44-231, comply with the provisions of sections 44-233 to 44-241.Source  Laws 1953, c. 152, § 1, p. 480.
NE Code § 44-234 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-234 - Domestic stock company; change to mutual company; plan; requirements.

44-234.  Domestic stock company; change to mutual company; plan; requirements.The board of directors shall submit to the Director of Insurance:(1) Two copies of the proposed amendments to its articles of incorporation as provided for in section 44-231, duly certified by the secretary of the company, for filing in the office of the director and as many additional copies thereof as there are shareholders of the company;(2) Two copies of a comprehensive plan for the mutualization of the company as approved by the board of directors, duly certified by the secretary of the company, for filing in the office of the director and as many additional copies thereof or copies of an adequate summary of the plan as there are shareholders of the company; and(3) A complete list of the shareholders of the company showing the name of, number of shares owned by, and the latest address of each shareholder as shown by the company's records.Source   Laws 1953, c. 152, § 2, p. 480;   Laws 1989, LB 92, § 80.
NE Code § 44-235 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-235 - Domestic stock company; change to mutual company; plan; contents.

44-235.  Domestic stock company; change to mutual company; plan; contents.The plan for the mutualization of the company shall among other things include:(1) A statement of the value of the interest of the shareholders in the company as ascertained by the company, which value shall not exceed the fair value thereof, and the amount proposed to be paid to each shareholder upon retirement of his or her shares of stock;(2) A statement of the method of ascertaining the value of the interest of the shareholders;(3) A statement of the procedure proposed for paying the shareholders for their stock, which may be done over a period of time and performed with due regard for the interest of the policyholders, and for retiring and canceling the stock;(4) A statement of the method to be followed in continuing the management of the company during any period intervening between the inception of the plan and the retirement of the stock and in instituting management by the policyholders; and(5) A provision for approval of the plan for mutualization by at least two-thirds of the policyholders voting in person or by proxy at a meeting of policyholders called by the company upon at least thirty days' written notice mailed to the policyholders at their latest addresses as shown by the company's records and containing an adequate summary of the essential provisions of the plan.Source   Laws 1953, c. 152, § 3, p. 481;   Laws 1989, LB 92, § 81.
NE Code § 44-236 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-236 - Domestic stock company; change to mutual company; plan; director; duties; notice.

44-236.  Domestic stock company; change to mutual company; plan; director; duties; notice.Upon receipt of the documents described in section 44-234, the Director of Insurance shall promptly forward by mail to each shareholder of the company a copy of the proposed amendments to the articles of incorporation, a copy of the plan for mutualization or a summary thereof, and a written notice of hearing. The notice of hearing shall contain:(1) A notification of the time, which shall be at least thirty days from the time of mailing the notice, and place for the hearing of objections to the plan for mutualization; and(2) A statement that, upon the hearing and due consideration of the proposed plan and amendments to the articles of incorporation, the director may either disapprove the plan, approve the plan as submitted, including the value of the interest of the shareholders in the company as ascertained and stated in the plan, or approve the plan only subject to such modifications as he or she may propose, in which event it shall be returned to the company for approval by the board of directors, and that upon final approval in either event the plan shall, subject to approval by the owners of at least two-thirds of the stock of the company at a regular or special meeting called for the purpose, be placed in effect and the stock of the company retired and canceled and the value ascertained by the director paid to the shareholders all as provided in the plan.Source   Laws 1953, c. 152, § 4, p. 481;   Laws 1989, LB 92, § 82.
NE Code § 44-237 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-237 - Domestic stock company; change to mutual company; hearing; objections; evidence.

44-237.  Domestic stock company; change to mutual company; hearing; objections; evidence.The Director of Insurance shall hold the hearing on objections as provided by sections 44-233 to 44-241 and shall receive written objections to the plan and amendments from any policyholder or shareholder and any evidence offered in support thereof. He or she may employ such actuaries, appraisers, and other experts and make such examinations of the company and its books, records, and property as he or she deems necessary. The Director of Insurance shall cause a full and complete written record of the hearing to be made. Any interested party having objections to the plan or any part thereof shall fully state such objections in written form and file them with the director prior to the hearing. Upon the hearing any objector may offer such evidence as may be determined by the Director of Insurance to be relevant and proper. Upon appeal from the order of the director, the value of each shareholder's interest in the company and the amount to be paid therefor shall not be increased or decreased by reason of any change of circumstances occurring after the filing of such order.Source   Laws 1953, c. 152, § 5, p. 482;   Laws 1989, LB 92, § 83.
NE Code § 44-238 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-238 - Domestic stock company; change to mutual company; hearing; order; appeal.

44-238.  Domestic stock company; change to mutual company; hearing; order; appeal.If, upon the hearing, the Director of Insurance disapproves the plan, he or she shall enter a written order fully stating the reason therefor. If he or she approves the proposed plan and amendments, he or she shall (1) make and enter an appropriate order approving them, (2) make a finding that the provisions of the plan are in conformity with the requirements of sections 44-231 and 44-235, (3) make a specific finding as to the fair value of the shareholders' interest in the company as of the date of the order, (4) find the value of each shareholder's interest as represented by his or her shares therein and the amount to be paid therefor, and (5) order that, conditioned upon the approval and adoption of the plan and amendments to the articles of incorporation by the shareholders at a regular or special meeting duly called for the purpose as provided in section 44-231, (a) the plan shall be placed in effect, (b) all shareholders of the company shall surrender their stock for cancellation pursuant to the plan and receive payment therefor in accordance therewith, and (c) upon any shareholder's failing or neglecting to so surrender his or her stock, all of his or her rights, powers, and privileges as such shareholder shall nevertheless terminate and be extinguished, excepting only his or her right to receive payment for his or her stock. The order shall recite that appeal may be had and that the appeal shall be in accordance with the Administrative Procedure Act. A copy of the order, duly certified by the director, shall be promptly forwarded by mail to each of the shareholders of the company at his or her latest address as shown on the records of the company.Source   Laws 1953, c. 152, § 6, p. 483;   Laws 1969, c. 359, § 12, p. 1272;   Laws 1988, LB 352, § 43;   Laws 1989, LB 92, § 84.  Cross References  Administrative Procedure Act, see section 84-920.
NE Code § 44-239 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-239 - Domestic stock company; change to mutual company; plan; modification by director.

44-239.  Domestic stock company; change to mutual company; plan; modification by director.If the Director of Insurance proposes modifications in the proposed plan for mutualization or amendments to the articles of incorporation, he or she shall make such proposals in the form of a written order approving the plan only upon the condition that such modifications be promptly made thereto and approved by a two-thirds vote of the board of directors and adopted by the owners of at least two-thirds of the stock of the company. The order shall in all other respects follow the form and contain the provisions of an order approving such plan as set out in section 44-238 and shall be similarly forwarded to the shareholders of the company.Source   Laws 1953, c. 152, § 7, p. 484;   Laws 1989, LB 92, § 85.
NE Code § 44-240 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-240 - Domestic stock company; change to mutual company; plan; approval by policyholders.

44-240.  Domestic stock company; change to mutual company; plan; approval by policyholders.Any plan for mutualization approved by the Director of Insurance shall be submitted to the policyholders of the company at a meeting held pursuant to the plan and shall be adopted only upon the affirmative vote of two-thirds of the policyholders present and voting in person or by proxy at the meeting as provided in the plan. The plan and amendments to the articles of incorporation shall also be submitted to the shareholders of the company as provided in section 44-231, and upon affirmative vote of at least two-thirds of the shareholders, the plan shall be placed in full effect and operation and the amendments to the articles shall be deemed adopted to become fully effective upon filing at the time specified in the plan and as provided for in section 44-205, and upon such filing being made, the company shall forthwith become and be a mutual insurance company for all purposes. The company shall publish notice of the amendments to its articles of incorporation as provided in section 44-206.Source   Laws 1953, c. 152, § 8, p. 484;   Laws 1989, LB 92, § 86.
NE Code § 44-241 (2021)
2021 Nebraska Revised Statutes|Chapter 44 - Insurance|44-241 - Domestic stock company; change to mutual company; expenses of department; payment by company.

44-241.  Domestic stock company; change to mutual company; expenses of department; payment by company.All reasonable expenses incurred by the Department of Insurance shall be certified to by the director and paid by the company.Source  Laws 1953, c. 152, § 9, p. 484.