reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,145 - Health care coverage of children; insurer; prohibited acts.

44-3,145.
Health care coverage of children; insurer; prohibited acts.
An insurer shall not deny enrollment of a child under the health care coverage of the obligor on the ground that:
(1) The child was born out of wedlock;
(2) The child is not claimed as a dependent on the obligor's federal income tax return; or
(3) The child does not reside with the obligor or in the insurer's service area.
Source
Laws 1994, LB 1224, § 73;
Laws 2002, LB 1062, § 7.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,148 - Health care coverage of children; insurer; discrimination against Department of Health and Human Services prohibited.

44-3,148.
Health care coverage of children; insurer; discrimination against Department of Health and Human Services prohibited.
An insurer may not impose requirements on the department when the department has been assigned the rights of an individual who is eligible for medical assistance pursuant to the medical assistance program and who is covered for health benefits from the insurer that are different from requirements applicable to an agent or assignee of any other individual so covered.
Source
Laws 1994, LB 1224, § 76.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,149 - Health care coverage of children; insurer of obligor; duties.

44-3,149.
Health care coverage of children; insurer of obligor; duties.
An insurer shall, in any case in which a child has health care coverage through the insurer of the obligor:
(1) Provide such information to the obligor as may be necessary for the child to obtain benefits through such coverage;
(2) Permit the obligor or the provider, with the obligor's approval, to submit claims for covered services without the approval of the obligor; and
(3) Make payment on claims submitted in accordance with subdivision (2) of this section directly to such obligor, the provider, or the department pursuant to section 68-916.
Source
Laws 1994, LB 1224, § 77;
Laws 2002, LB 1062, § 9;
Laws 2006, LB 1248, § 57.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,150 - Health care coverage of children; eligibility for medical assistance; effect.

44-3,150.
Health care coverage of children; eligibility for medical assistance; effect.
When enrolling an individual or making any payment for benefits to an individual or on an individual's behalf, an insurer shall not take into account that the individual is eligible for or is provided medical assistance pursuant to the medical assistance program or a medical assistance plan of another state.
Source
Laws 1994, LB 1224, § 78.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,151 - Workers' compensation insurance; association authorized to obtain for members.

44-3,151.
Workers' compensation insurance; association authorized to obtain for members.
An association which has a constitution and bylaws and has been organized in this state for not less than two years and is maintained in good faith for purposes other than that of obtaining insurance may obtain individual workers' compensation insurance policies through an insurance producer licensed under the Insurance Producers Licensing Act for any or all of the voting members of the association covering the liability to which each individual employer may be subject under the Nebraska Workers' Compensation Act from an insurer authorized to transact the business of workers' compensation insurance in this state.
Source
Laws 1996, LB 515, § 1;
Laws 2001, LB 51, § 24.
Cross References
Insurance Producers Licensing Act, see section 44-4047.
Nebraska Workers' Compensation Act, see section 48-1,110.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,152 - Workers' compensation insurance; association; how treated.

44-3,152.
Workers' compensation insurance; association; how treated.
An association which obtains insurance policies in compliance with sections 44-3,151 to 44-3,155 is not an insurer and is not transacting the business of insurance under the laws of this state.
Source
Laws 1996, LB 515, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,153 - Workers' compensation insurance; association; powers.

44-3,153.
Workers' compensation insurance; association; powers.
Under insurance policies obtained pursuant to section 44-3,151, an association is entitled to negotiate with the insurer regarding policy terms, including premiums, discounts, dividends, commissions, fees, and costs. If any policy provides for any deductible for any benefits payable under the Nebraska Workers' Compensation Act, it shall be in conformance with section 48-146.03. The insurer shall only enter into arrangements which allow it to report data compatible with the uniform classification system and with experience rating as required by subsections (1) and (2) of section 44-7524.
Source
Laws 1996, LB 515, § 3;
Laws 2000, LB 1119, § 36.
Cross References
Nebraska Workers' Compensation Act, see section 48-1,110.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,154 - Workers' compensation insurance; discount or dividend; how apportioned.

44-3,154.
Workers' compensation insurance; discount or dividend; how apportioned.
An association may apportion any discount or dividend received on insurance policies obtained pursuant to section 44-3,151 among the covered members according to a formula adopted in the plan of operation of the association.
Source
Laws 1996, LB 515, § 4.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,155 - Workers' compensation insurance; plan of operation.

44-3,155.
Workers' compensation insurance; plan of operation.
An association shall adopt and maintain a plan of operation that includes the methods for administering insurance policies obtained pursuant to section 44-3,151, including the payment of premiums, the distribution of discounts, and the methods for providing risk management.
Source
Laws 1996, LB 515, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,157 - Mandated coverages or services; applicability.

44-3,157.
Mandated coverages or services; applicability.
If the laws of any other state specify that a policy issued for delivery in that state need not provide the coverages or services mandated by that state to certificate holders who are not residents or not employed in that state, and if such a policy issued for delivery in that state does not provide the coverages or services mandated by that state to certificate holders who are not residents or not employed in that state, then the coverages or services mandated by sections 44-769 to 44-7,101 shall apply to a certificate issued to certificate holders who are residents of or employed in this state.
Source
Laws 2005, LB 119, § 38;
Laws 2006, LB 875, § 1.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-3,159 - Health plan; self-funded employee benefit plan; assertion of contractual rights to proceeds; prohibited acts; section; applicability.

44-3,159.
Health plan; self-funded employee benefit plan; assertion of contractual rights to proceeds; prohibited acts; section; applicability.
(1) No health plan and no self-funded employee benefit plan to the extent not preempted by federal law shall assert any contractual rights to the proceeds of any resources purchased by or on behalf of the policyholder, subscriber, certificate holder, or enrollee, including medical payments coverage under a motor vehicle insurance policy, uninsured or underinsured motorist coverage, accident or disability income coverage, specific disease or illness coverage, or hospital indemnity or other fixed indemnity coverage.
(2) This section shall not (a) affect the coordination of benefits between health plans or self-funded employee benefit plans, (b) prevent the coordination of benefits between a health plan or self-funded employee benefit plan and medical payments coverage under a motor vehicle insurance policy if such coordination of benefits applies medical payments coverage to deductible, copayment, and coinsurance amounts after discounts provided through the health plan or self-funded employee benefit plan, or (c) prevent the application of the medical payments coverage under a motor vehicle insurance policy to items not covered by a health plan or self-funded employee benefit plan.
(3) For purposes of this section, health plan means an individual or group sickness and accident insurance policy or subscriber contract delivered, issued for delivery, or renewed in this state except for (a) policies that provide coverage for specified disease or other limited-benefit coverage or hospital indemnity or other fixed indemnity coverage or (b) self-funded employee benefit plans to the extent preempted by federal law.
Source
Laws 2013, LB479, § 1.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-401 - Domestic property and casualty insurance companies; valuation; reserves.

44-401.
Domestic property and casualty insurance companies; valuation; reserves.
In ascertaining the condition of a domestic stock property or casualty insurance company, there shall be allowed as assets only such investments, cash, and accounts as are authorized by the laws of this state at the date of the examination. In ascertaining its liabilities, there shall be charged in addition to the capital stock, all outstanding claims, and a sum equal to one hundred percent of the unearned premiums on the policies in force, after deducting credit for reinsurance authorized by sections 44-416.05 to 44-416.10, calculated on the gross sum without any deductions on any account, charged to the policyholder on each respective risk from the date of the issuance of the policy. In ascertaining the condition of a domestic mutual property or casualty insurance company, other than a company licensed solely to write the line of insurance specified in subdivision (4) of section 44-201, there shall be allowed as assets only such investments, cash, and accounts as are authorized by the laws of this state at the date of examination. In ascertaining its liabilities, there shall be charged all outstanding claims and a reserve in an amount equal to one hundred percent of the total unearned premium on all their policies in force. If the department finds this section to be impractical in ascertaining the condition of certain kinds of insurance companies, the department shall adopt and promulgate such rules and regulations as it deems proper, efficient, and consistent with law. Such rules and regulations shall give due regard to the statutes, rules, regulations, and established industry practices which may be used in other states or which are approved by the National Association of Insurance Commissioners.
Source
Laws 1913, c. 154, § 93, p. 437;
R.S.1913, § 3230;
Laws 1919, c. 190, tit. V, art. VI, § 1, p. 618;
Laws 1921, c. 303, § 1, p. 960;
C.S.1922, § 7829;
Laws 1927, c. 141, § 1, p. 383;
C.S.1929, § 44-501;
R.S.1943, § 44-401;
Laws 1949, c. 148, § 1, p. 374;
Laws 1951, c. 138, § 1, p. 570;
Laws 1959, c. 204, § 1, p. 713;
Laws 1981, LB 330, § 1;
Laws 1985, LB 299, § 7;
Laws 1989, LB 92, § 116;
Laws 2000, LB 930, § 2;
Laws 2005, LB 119, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-401.01 - Domestic property and casualty insurance companies; loss reserves.

44-401.01.
Domestic property and casualty insurance companies; loss reserves.
Loss reserves for domestic property and casualty insurance companies shall be set at the present value of estimated future payments if (1) a complete settlement between the claimant and the insured or insurer has been agreed upon, (2) all payments due the claimant have not yet been made, and (3) the payments are structured as an annuity.
Source
Laws 1989, LB 92, § 118.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-402.01 - Life insurance; reserves; separate accounts; establish; procedure.

44-402.01.
Life insurance; reserves; separate accounts; establish; procedure.
Any domestic life insurance company, including, for the purposes of sections 44-402.01 to 44-402.05, all domestic fraternal benefit societies which operate on a legal reserve basis, may, after adoption of a resolution by its board of directors and upon approval of the Director of Insurance, establish one or more separate accounts and may allocate thereto amounts, including without limitation proceeds applied under optional modes of settlement or under dividend options, to provide for life insurance and benefits incidental thereto, payable in fixed or variable amounts or both, and may, upon approval of the director, guarantee the value of the assets allocated to a separate account.
Source
Laws 1972, LB 771, § 1;
Laws 1987, LB 17, § 9;
Laws 2005, LB 119, § 6;
Laws 2011, LB72, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-402.02 - Life insurance; reserves; separate accounts; gains and losses.

44-402.02.
Life insurance; reserves; separate accounts; gains and losses.
The income, gains and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against such account, without regard to other income, gains or losses of such company.
Source
Laws 1972, LB 771, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-402.03 - Life insurance; reserves; separate accounts; investment; transfer.

44-402.03.
Life insurance; reserves; separate accounts; investment; transfer.
(1) Except as may be provided with respect to reserves for guaranteed benefits, amounts allocated to any separate account and accumulations thereon may be invested and reinvested without regard to any requirements or limitations prescribed by the laws of this state governing the investments of life insurance companies and the investments in such separate account or accounts shall not be taken into account in applying investment limitations otherwise applicable to investments of such company.
(2) No investment in such separate accounts or in the domestic life insurance company's general investment account shall be transferred by sale, exchange, substitution, or otherwise from one account to another unless the director approves such transfer or unless the director has not disapproved the application for transfer within thirty days from filing. The application to transfer investments shall be on a form provided by the director.
Source
Laws 1972, LB 771, § 3;
Laws 1991, LB 237, § 62.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-402.04 - Life insurance; reserves; separate accounts; ownership by company.

44-402.04.
Life insurance; reserves; separate accounts; ownership by company.
Amounts allocated to a separate account in the exercise of the power granted by sections 44-402.01 to 44-402.05 shall be owned by the company, and the company shall not be, nor hold itself out to be, a trustee with respect to such amounts. If and to the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the company may conduct.
Source
Laws 1972, LB 771, § 4.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-402.05 - Variable life contracts; rules and regulations.

44-402.05.
Variable life contracts; rules and regulations.
Notwithstanding any other provision of law, the Director of Insurance shall have the authority to adopt such reasonable rules and regulations as are appropriate and necessary to regulate the issuance and sale of variable life contracts. Such rules and regulations may relate to, but shall not be limited to, qualifications of foreign and domestic insurance companies and agents, required and prohibited policy provisions, the inapplicability of certain sections of Chapter 44, to variable life contracts, establishment and maintenance of separate accounts, filing of contracts and required reports, and examination of records. Any provision in a variable life contract relating to grace period, loans, reinstatement, and nonforfeiture shall be appropriate to such contract, and reserve liability for variable life contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees.
Source
Laws 1972, LB 771, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-403 - Life insurance; standard of valuation; policies issued prior to operative date of law.

44-403.
Life insurance; standard of valuation; policies issued prior to operative date of law.
This section shall apply to only those policies and contracts issued prior to the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law for Life Insurance). All such valuations made by the Department of Insurance, or by its authority, shall be according to the standard of valuation adopted by the company, which standard shall be stated in its annual report to the department. Such standard of valuation, whether on the net level premium, preliminary term, any modified preliminary term, or select and ultimate reserve basis, for all such policies issued after July 17, 1913, shall be according to the American Experience or Actuaries' Table of Mortality, with not less than three and not more than four percent compound interest. When the preliminary term basis is used it shall not exceed one year. Insurance against total and permanent mental or physical disability resulting from accident or disease, or against accidental death, combined with a policy of life insurance, shall be valued on the basis of the mean reserve, being one-half of the additional annual premium charged therefor. Except as otherwise provided in subsection (3) of section 44-8907 for all annuities and pure endowments purchased on or after the operative date of such subsection under group annuity and pure endowment contracts, the legal minimum standard for the valuation of annuities shall be McClintock's Table of Mortality Among Annuitants, or the American Experience Table of Mortality, with compound interest at three and one-half percent per annum for individual annuities and five percent per annum for group annuities, but annuities deferred ten or more years, and written in connection with life or term insurance, shall be valued on the same mortality table from which the consideration or premiums were computed, with compound interest not higher than three and one-half percent per annum. The legal standard for the valuation of industrial policies shall be the American Experience Table of Mortality, with compound interest at not less than three nor more than three and one-half percent per annum, except that any life insurance company may voluntarily value its industrial policies written on the weekly payment plan according to the Standard Industrial Mortality Table or the Substandard Industrial Mortality Table. Reserves for all such policies and contracts may be calculated, at the option of the company, according to any standards which produce greater aggregate reserves for all such policies and contracts than the minimum reserves required by this section.
Source
Laws 1913, c. 154, § 94, p. 437;
R.S.1913, § 3231;
Laws 1919, c. 190, tit. V, art. VI, § 2, p. 618;
C.S.1922, § 7830;
C.S.1929, § 44-502;
Laws 1943, c. 106, § 1(2), p. 355;
R.S.1943, § 44-403;
Laws 1973, LB 309, § 1;
Laws 1979, LB 354, § 1;
Laws 2014, LB755, § 13.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-405 - Life insurance; loan values.

44-405.
Life insurance; loan values.
(1) In the case of those policies issued prior to the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law), the loan value referred to in provision (8) of section 44-502 shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, less a sum not more than two and one-half percent of the amount insured by the policy and of any undivided additions thereto. The policy shall specify the mortality table and the rate of interest adopted for computing such reserve and may provide that such loan may be deferred for not exceeding six months after the application therefor is made.
(2) In the case of policies issued on or after the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law), the loan value referred to in provision (8) of section 44-502 shall be the cash surrender value at the end of the current policy year as required by sections 44-407 to 44-407.09. The company shall reserve the right to defer such loan, except when made to pay premiums, for six months after application therefor is made.
(3) This section shall not apply to term insurances.
Source
Laws 1943, c. 106, § 6, p. 367;
R.S.1943, § 44-405;
Laws 1965, c. 262, § 2, p. 735.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-406 - Life insurance; nonforfeiture benefits.

44-406.
Life insurance; nonforfeiture benefits.
This section shall apply only to policies of life insurance issued prior to the operative date defined in section 44-407.07 (the Standard Nonforfeiture Law). The nonforfeiture benefit referred to in provision (9) of section 44-502 shall be available to the owner of the policy, in event of default in premium payments after premiums shall have been paid for three years, and shall be a stipulated form of insurance, the net value of which shall be at least equal to the reserve, at the date of default on the policy, and on any dividend additions thereto, less a sum not more than two and one-half percent of the amount insured by the policy, and of any existing dividend additions thereto, and less any existing indebtedness to the company on the policy. The policy shall specify the mortality table and rate of interest adopted for computing such reserves and shall stipulate that it may be surrendered to the company at its home office within one month from date of default, for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance as aforesaid, and may provide that the company may defer payment for not more than six months after the application therefor is made.
Source
Laws 1943, c. 106, § 4, p. 362;
R.S.1943, § 44-406.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407 - Standard Nonforfeiture Law for Life Insurance; how cited.

44-407.
Standard Nonforfeiture Law for Life Insurance; how cited.
Sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 shall be known as the Standard Nonforfeiture Law for Life Insurance.
Source
Laws 1943, c. 106, § 5, p. 363;
R.S.1943, § 44-407;
Laws 1965, c. 262, § 3, p. 736;
Laws 1979, LB 354, § 3;
Laws 1981, LB 355, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.02 - Policies issued on or after operative date of law; default in premium payment on policy anniversary; cash surrender value.

44-407.02.
Policies issued on or after operative date of law; default in premium payment on policy anniversary; cash surrender value.
Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by section 44-407.01, shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of (a) the then present value of the adjusted premiums as defined in sections 44-407.04, 44-407.08, 44-407.09, and 44-407.24, corresponding to premiums which would have fallen due on and after such anniversary, and (b) the amount of any indebtedness to the company on the policy. For any policy issued on or after the operative date of section 44-407.24 as defined therein, which provides supplemental life insurance or annuity benefits at the option of the insured and for an identifiable additional premium by rider or supplemental policy provision, the cash surrender value referred to in the first paragraph of this section shall be an amount not less than the sum of the cash surrender value as defined in such paragraph for an otherwise similar policy issued at the same age without such rider or supplemental policy provision and the cash surrender value as defined in such paragraph for a policy which provides only the benefits otherwise provided by such rider or supplemental policy provision.
For any family policy issued on or after the operative date of section 44-407.24 as defined therein, which defines a primary insured and provides term insurance on the life of the spouse of the primary insured expiring before the spouse's age seventy-one, the cash surrender value referred to in the first paragraph of this section shall be an amount not less than the sum of the cash surrender value as defined in such paragraph for an otherwise similar policy issued at the same age without such term insurance on the life of the spouse and the cash surrender value as defined in such paragraph for a policy which provides only the benefits otherwise provided by such term insurance on the life of the spouse.
Any cash surrender value available within thirty days after any policy anniversary under any policy paid up by completion of all premium payments or any policy continued under any paid-up nonforfeiture benefit, whether or not required by section 44-407.01, shall be an amount not less than the present value, on such anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by any indebtedness to the company on the policy.
Source
Laws 1943, c. 106, § 5(2), p. 364;
R.S.1943, § 44-407.02;
Laws 1959, c. 206, § 1, p. 719;
Laws 1965, c. 262, § 4, p. 736;
Laws 1981, LB 355, § 4.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.03 - Policies issued on or after operative date of law; default in premium payment on policy anniversary; paid-up nonforfeiture benefit.

44-407.03.
Policies issued on or after operative date of law; default in premium payment on policy anniversary; paid-up nonforfeiture benefit.
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 in the absence of the condition that premiums shall have been paid for at least a specified period.
Source
Laws 1943, c. 106, § 5(3), p. 364;
R.S.1943, § 44-407.03;
Laws 1965, c. 262, § 5, p. 737;
Laws 1981, LB 355, § 5.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.05 - Policies issued on or after operative date of law; default in premium payment other than on policy anniversary; cash surrender value; paid-up nonforfeiture benefit.

44-407.05.
Policies issued on or after operative date of law; default in premium payment other than on policy anniversary; cash surrender value; paid-up nonforfeiture benefit.
Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in sections 44-407.02 to 44-407.04, 44-407.08, 44-407.09, and 44-407.24, may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall be not less than the amounts used to provide such additions. Notwithstanding the provisions of section 44-407.02, additional benefits payable (a) in the event of death or dismemberment by accident or accidental means, (b) in the event of total and permanent disability, (c) as reversionary annuity or deferred reversionary annuity benefits, (d) as term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 would not apply, (e) as term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if such term insurance expires before the child's age is twenty-six, is uniform in amount after the child's age is one, and has not become paid up by reason of the death of a parent of the child, and (f) as other policy benefits additional to life insurance and endowment benefits, and premiums for all such additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by said sections, and no such additional benefits shall be included in any paid-up nonforfeiture benefits unless specifically included by the terms of the policy.
Source
Laws 1943, c. 106, § 5(5), p. 366;
R.S.1943, § 44-407.05;
Laws 1959, c. 206, § 4, p. 722;
Laws 1961, c. 222, § 3, p. 663;
Laws 1965, c. 262, § 7, p. 739;
Laws 1981, LB 355, § 7.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.06 - Law; policies to which applicable.

44-407.06.
Law; policies to which applicable.
Sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 shall not apply to any (1) reinsurance, (2) group insurance, (3) pure endowment, (4) annuity or reversionary annuity contract, (5) term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy, (6) term policy of decreasing amount which provides no guaranteed nonforfeiture or endowment benefits, on which each adjusted premium, calculated as specified in sections 44-407.04, 44-407.08, 44-407.09, and 44-407.24, is less than the adjusted premium so calculated, on a term policy of uniform amount, or renewal thereof, which provides no guaranteed nonforfeiture or endowment benefits, issued at the same age and for the same initial amount of insurance, and for a term of twenty years or less expiring before age seventy-one, for which uniform premiums are payable during the entire term of the policy, (7) policy which provides no guaranteed nonforfeiture or endowment benefits, for which no cash surrender value, if any, or present value of any paid-up nonforfeiture benefit, at the beginning of any policy year, calculated as specified in sections 44-407.02 to 44-407.04, 44-407.08, 44-407.09, and 44-407.24, exceeds two and one-half percent of the amount of insurance at the beginning of the same policy year, or (8) policy which shall be delivered outside this state through an agent or other representative of the company issuing the policy.
For purposes of determining the applicability of sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26, the age of expiry for a joint term life insurance policy shall be the age at expiry of the oldest life.
Source
Laws 1943, c. 106, § 5(6), p. 367;
R.S.1943, § 44-407.06;
Laws 1959, c. 206, § 5, p. 722;
Laws 1965, c. 262, § 8, p. 740;
Laws 1981, LB 355, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.07 - Law; operative date, defined.

44-407.07.
Law; operative date, defined.
After August 27, 1943, any company may file with the Department of Insurance a written notice of its election to comply with the provisions of sections 44-407 to 44-407.07 after a specified date before January 1, 1950. After the filing of such notice, then upon such specified date (which shall be the operative date for such company) said sections shall become operative with respect to the policies thereafter issued by such company. If a company makes no such election, the operative date of said sections for such company shall be January 1, 1950.
Source
Laws 1943, c. 106, § 5(7), p. 367;
R.S.1943, § 44-407.07;
Laws 1947, c. 163, § 1, p. 451.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.08 - Policies issued on or after operative date of law; adjusted premiums; present values; how determined; filing of election; exception.

44-407.08.
Policies issued on or after operative date of law; adjusted premiums; present values; how determined; filing of election; exception.
This section shall not apply to ordinary policies issued on or after the operative date of section 44-407.24 as defined therein.
In the case of ordinary policies issued on or after the operative date of this section as defined herein, all adjusted premiums and present values referred to in sections 44-407 to 44-407.09, shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; such rate of interest shall not exceed three and one-half percent per annum except that a rate of interest not exceeding four percent per annum may be used for policies issued on or after September 2, 1973, and prior to August 24, 1979, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after August 24, 1979;
Provided,
that for any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than six years younger than the actual age of the insured;
provided further,
that in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1958 Extended Term Insurance Table;
and provided further,
that for insurance issued on a substandard basis, the calculation of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the Department of Insurance.
After September 28, 1959, any company may file with the Department of Insurance a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1966. After the filing of such notice, then upon such specified date, which shall be the operative date of this section for such company, this section shall become operative with respect to the ordinary policies thereafter issued by such company. If a company makes no such election, the operative date of this section for such company shall be January 1, 1966.
Source
Laws 1959, c. 206, § 3, p. 721;
Laws 1965, c. 262, § 9, p. 740;
Laws 1973, LB 309, § 3;
Laws 1979, LB 354, § 4;
Laws 1981, LB 355, § 9.
Cross References
Mortality tables, see Appendix, Nebraska Revised Statutes, Volume 2A.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.09 - Industrial policies issued on or after operative date of law; premiums and values; how calculated; tables used; written notice filed with department; election; exception.

44-407.09.
Industrial policies issued on or after operative date of law; premiums and values; how calculated; tables used; written notice filed with department; election; exception.
This section shall not apply to industrial policies issued on or after the operative date of section 44-407.24 as defined therein.
In the case of industrial policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26, shall be calculated on the basis of the Commissioners 1961 Standard Industrial Mortality Table and the rate of interest, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits; such rate of interest shall not exceed three and one-half percent per annum except that a rate of interest not exceeding four percent per annum may be used for policies issued on or after September 2, 1973, and prior to August 24, 1979, and a rate of interest not exceeding five and one-half percent per annum may be used for policies issued on or after August 24, 1979;
Provided,
that in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1961 Industrial Extended Term Insurance Table;
and provided further,
that for insurance issued on a substandard basis, the calculations of any such adjusted premiums and present values may be based on such other table of mortality as may be specified by the company and approved by the Department of Insurance. After September 18, 1965, any company may file with the Department of Insurance a written notice of its election to comply with the provisions of this section after a specified date before January 1, 1968. After the filing of such notice, then upon such specified date, which shall be the operative date of this section for such company, this section shall become operative with respect to the industrial policies thereafter issued by such company. If a company makes no such election, the operative date of this section for such company shall be January 1, 1968.
Source
Laws 1965, c. 262, § 10, p. 741;
Laws 1973, LB 309, § 4;
Laws 1979, LB 354, § 5;
Laws 1981, LB 355, § 10.
Cross References
For determination of operative date, see section 44-407.23.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.10 - Standard Nonforfeiture Law for Individual Deferred Annuities; how cited; applicability.

44-407.10.
Standard Nonforfeiture Law for Individual Deferred Annuities; how cited; applicability.
(1) Sections 44-407.10 to 44-407.23 shall be known as the Standard Nonforfeiture Law for Individual Deferred Annuities.
(2) Such sections shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer, including a partnership, limited liability company, or sole proprietorship, by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities under section 408 of the Internal Revenue Code, premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity payments have commenced, or reversionary annuity, nor to any contract which shall be delivered outside this state through an agent or other representative of the company issuing the contract.
Source
Laws 1979, LB 354, § 6;
Laws 1993, LB 121, § 225;
Laws 1995, LB 574, § 44.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.11 - Contracts issued on or after operative date of law; provisions required.

44-407.11.
Contracts issued on or after operative date of law; provisions required.
In the case of contracts issued on or after the operative date of this act, no contract of annuity, except as stated in subsection (2) of section 44-407.10, shall be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the Department of Insurance are at least as favorable to the contract holder, upon cessation of payment of considerations under the contract:
(1) That, upon cessation of payment of considerations under a contract or upon the written request of the contract owner, the company shall grant a paid-up annuity benefit on a plan stipulated in the contract of such value as is specified in sections 44-407.16 to 44-407.19 and 44-407.21;
(2) If a contract provides for a lump-sum settlement at maturity, or at any other time, that, upon surrender of the contract at or prior to the commencement of any annuity payments, the company shall pay in lieu of any paid-up annuity benefit a cash surrender benefit of such amount as is specified in sections 44-407.16, 44-407.17, 44-407.19, and 44-407.21. The company shall reserve the right to defer the payment of such cash surrender benefit for a period not to exceed six months after demand therefor with surrender of the contract after making written request and receiving written approval of the director. The request shall address the necessity and equitability to all policyholders of the deferral;
(3) A statement of the mortality table, if any, and interest rates used in calculating any minimum paid-up annuity, cash surrender, or death benefits that are guaranteed under the contract, together with sufficient information to determine the amounts of such benefits; and
(4) A statement that any paid-up annuity, cash surrender, or death benefits that may be available under the contract are not less than the minimum benefits required by any statute of the state in which the contract is delivered and an explanation of the manner in which such benefits are altered by the existence of any additional amounts credited by the company to the contract, any indebtedness to the company on the contract, or any prior withdrawals from or partial surrenders of the contract.
Source
Laws 1979, LB 354, § 7;
Laws 2004, LB 1047, § 3.
Cross References
For determination of operative date, see section 44-407.23.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.12 - Deferred annuity contract; company; terminate; cash payment.

44-407.12.
Deferred annuity contract; company; terminate; cash payment.
Notwithstanding the requirements of section 44-407.11, any deferred annuity contract may provide that if no considerations have been received under a contract for a period of two full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from considerations paid prior to such period would be less than twenty dollars monthly, the company may at its option terminate such contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under such contract.
Source
Laws 1979, LB 354, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.13 - Minimum values; basis.

44-407.13.
Minimum values; basis.
The minimum values as specified in sections 44-407.16 to 44-407.19 and 44-407.21 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in section 44-407.14.
Source
Laws 1979, LB 354, § 9;
Laws 2004, LB 1047, § 4.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.16 - Paid-up annuity benefit; present value; how computed.

44-407.16.
Paid-up annuity benefit; present value; how computed.
Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Such present value shall be computed using the mortality table, if any, and the interest rates specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
Source
Laws 1979, LB 354, § 12;
Laws 2004, LB 1047, § 6.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.17 - Cash surrender benefits; present value; determination.

44-407.17.
Cash surrender benefits; present value; determination.
For contracts which provide cash surrender benefits, such cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event shall any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
Source
Laws 1979, LB 354, § 13.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.18 - Contracts without cash surrender benefits; certain death benefit contracts; present value; determination.

44-407.18.
Contracts without cash surrender benefits; certain death benefit contracts; present value; determination.
For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. In no event shall the present value of paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
Source
Laws 1979, LB 354, § 14.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.19 - Contracts; maturity date; determination.

44-407.19.
Contracts; maturity date; determination.
For the purpose of determining the benefits calculated under sections 44-407.17 and 44-407.18, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
Source
Laws 1979, LB 354, § 15.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.20 - Benefits not equal to minimum nonforfeiture amount; statement; when.

44-407.20.
Benefits not equal to minimum nonforfeiture amount; statement; when.
Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.
Source
Laws 1979, LB 354, § 16.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.21 - Benefits; available other than on contract anniversary; how calculated.

44-407.21.
Benefits; available other than on contract anniversary; how calculated.
Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
Source
Laws 1979, LB 354, § 17.