reglab/statecodes huggingface dataset:
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.22 - Contract which provides excess benefits; additional benefits; how treated.

44-407.22.
Contract which provides excess benefits; additional benefits; how treated.
For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall be equal to the sum of the minimum nonforfeiture benefits for the annuity portion and the minimum nonforfeiture benefits, if any, for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of sections 44-407.16 to 44-407.19 and 44-407.21, additional benefits payable (1) in the event of total and permanent disability, (2) as reversionary annuity or deferred reversionary annuity benefits, or (3) as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all such additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits that may be required by sections 44-407.10 to 44-407.22. The inclusion of such additional benefits shall not be required in any paid-up benefits, unless such additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.
Source
Laws 1979, LB 354, § 18.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.23 - Company; when subject to law.

44-407.23.
Company; when subject to law.
(1) After August 24, 1979, any company may file with the Department of Insurance a written notice of its election to comply with the provisions of sections 44-403, 44-407.08 to 44-407.23, and 44-8907 after a specified date before the second anniversary of August 24, 1979. After the filing of such notice, such specified date shall be the operative date of this act for such company. Annuity contracts thereafter issued by such company shall comply with such sections. If a company makes no such election, the operative date of this act for such company shall be the second anniversary of August 24, 1979.
(2) After July 16, 2004, a company may elect to apply sections 44-407.08 to 44-407.23 to annuity contracts on a contract-form-by-contract-form basis before the second anniversary of July 16, 2004. In all other instances, sections 44-407.08 to 44-407.23 shall become operative with respect to annuity contracts issued by the company after the second anniversary of July 16, 2004.
(3) The director may adopt and promulgate rules and regulations to carry out sections 44-407.10 to 44-407.23.
Source
Laws 1979, LB 354, § 19;
Laws 2004, LB 1047, § 7;
Laws 2014, LB755, § 14.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-407.25 - Life insurance; future premiums; benefits; approval of plan by department.

44-407.25.
Life insurance; future premiums; benefits; approval of plan by department.
In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be determined by the methods described in sections 44-407.01 to 44-407.04, 44-407.08, 44-407.09, and 44-407.24, then:
(a) The Department of Insurance must be satisfied that the benefits provided under the plan are substantially as favorable to policyholders and insureds as the minimum benefits otherwise required by sections 44-407.01 to 44-407.04, 44-407.08, 44-407.09, and 44-407.24;
(b) The Department of Insurance must be satisfied that the benefits and the pattern of premiums of that plan are not such as to mislead prospective policyholders or insureds;
(c) The cash surrender values and paid-up nonforfeiture benefits provided by such plan must not be less than the minimum values and benefits required for the plan computed by a method consistent with the principles of the Standard Nonforfeiture Law for Life Insurance, as determined by regulations promulgated by the Department of Insurance;
(d) Notwithstanding any other provision in the laws of this state, any policy, contract, or certificate providing life insurance under any such plan must be affirmatively approved by the Department of Insurance before it can be marketed, issued, delivered, or used in this state.
Source
Laws 1981, LB 355, § 12.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-408 - Life insurance companies; ascertainment of condition; assets and liabilities; what considered.

44-408.
Life insurance companies; ascertainment of condition; assets and liabilities; what considered.
In ascertaining the condition of any life insurance company, it shall be allowed as assets only such investments, cash, and accounts as are authorized by the laws of this state or of the state or country in which it is organized at the date of examination. There shall be charged against it as liabilities in addition to the capital stock, all outstanding indebtedness of the company, and the premium reserve on policies and additions thereto in force, computed according to the tables of mortality and rate of interest prescribed in sections 44-402.01 to 44-407.09.
Source
Laws 1913, c. 154, § 95, p. 439;
R.S.1913, § 3232;
Laws 1919, c. 190, tit. V, art. VI, § 3, p. 619;
C.S.1922, § 7831;
C.S.1929, § 44-503;
R.S.1943, § 44-408;
Laws 1965, c. 262, § 11, p. 742;
Laws 2014, LB755, § 17.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-409 - Domestic sickness and accident insurance companies; assets and liabilities.

44-409.
Domestic sickness and accident insurance companies; assets and liabilities.
In ascertaining the condition of a domestic sickness and accident insurance company, it 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 and all outstanding claims, a sum equal to the total unearned premium 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.
Source
Laws 1913, c. 154, § 96, p. 439;
R.S.1913, § 3233;
Laws 1919, c. 190, tit. V, art. VI, § 4, p. 619;
C.S.1922, § 7832;
C.S.1929, § 44-504;
R.S.1943, § 44-409;
Laws 1949, c. 149, § 1, p. 375;
Laws 1965, c. 263, § 1, p. 747;
Laws 1981, LB 330, § 2;
Laws 1985, LB 299, § 8;
Laws 2000, LB 930, § 3;
Laws 2005, LB 119, § 7.
Annotations
A mutual insurance company is required to provide reserve fund. Western Life & Accident Co. v. State Ins. Board, 101 Neb. 152, 162 N.W. 530 (1917).
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-414 - All other insurance companies; assets and liabilities.

44-414.
All other insurance companies; assets and liabilities.
In ascertaining the assets, liabilities and financial condition of all other insurance companies, not otherwise provided for in sections 44-401 to 44-415, the Department of Insurance shall allow as assets only such investments, cash and accounts, as are authorized by the existing laws of this state, or under the existing laws of the state or country under which such company is organized, and which investments it may approve or reject at the date of the investigation. In estimating the liabilities there shall be added, in addition to the capital stock, all outstanding claims, and a sum equal to the unearned premiums on the policies in force, 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. If the department finds this rule to be impracticable in ascertaining the condition of the certain kinds of insurance companies, it shall formulate such rules as it shall deem proper and efficient and consistent with law, having due regard to such rules as may be used in other states or approved by the National Association of Insurance Commissioners;
Provided,
in relation to the affairs of any foreign company, it may, in lieu of such examination and investigation, accept a certificate of the insurance commissioner or superintendent of such state or district as to its condition.
Source
Laws 1913, c. 154, § 98, p. 443;
R.S.1913, § 3235;
Laws 1919, c. 190, tit. V, art. VI, § 6, p. 624;
C.S.1922, § 7834;
C.S.1929, § 44-506;
R.S.1943, § 44-414;
Laws 1981, LB 330, § 3.
Annotations
A mutual insurance company is required to provide reserve fund. Western Life & Accident Co. v. State Ins. Board, 101 Neb. 152, 162 N.W. 530 (1917).
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-415 - Life insurance company; actual premium less than net premium; separate liability of company.

44-415.
Life insurance company; actual premium less than net premium; separate liability of company.
When the actual premium hereafter charged for an insurance by any life insurance company doing business in this state is less than the net premium for such insurance, computed according to the table of mortality and rate of interest prescribed in section 44-403, such company shall be charged as a separate liability with the value of an annuity, the amount of which shall equal the difference between such premium and the term of which, in years, shall equal the number of future annual payments due on such insurance at the date of the valuation. This section shall apply to policies and contracts issued prior to the operative date defined in section 44-407.07.
Source
Laws 1913, c. 154, § 99, p. 444;
R.S.1913, § 3236;
Laws 1919, c. 190, tit. V, art. VI, § 7, p. 625;
C.S.1922, § 7835;
C.S.1929, § 44-507;
Laws 1943, c. 106, § 2, p. 358;
R.S.1943, § 44-415.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-416.05 - Reinsurance agreements; purpose of sections.

44-416.05.
Reinsurance agreements; purpose of sections.
The purpose of sections 44-416.05 to 44-416.10 is to protect the interest of insureds, claimants, ceding insurers, assuming insurers, and the public generally. The Legislature hereby declares its intent is to ensure adequate regulation of insurers and reinsurers and adequate protection for those to whom they owe obligations. In furtherance of that state interest, the Legislature hereby provides a mandate that upon the insolvency of a non-United-States insurer or reinsurer that provides security to fund its United States obligations in accordance with such sections, the assets representing the security shall be maintained in the United States and claims shall be filed with and valued by the state insurance commissioner with regulatory oversight, and the assets shall be distributed, in accordance with the insurance laws of the state in which the trust is domiciled that are applicable to the liquidation of domestic United States insurance companies. The Legislature declares that the matters contained in such sections are fundamental to the business of insurance in accordance with 15 U.S.C. 1011 and 1012.
Source
Laws 2005, LB 119, § 30.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-416.07 - Asset or reduction from liability for reinsurance; limitations; security required.

44-416.07.
Asset or reduction from liability for reinsurance; limitations; security required.
An asset or a reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of section 44-416.06 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer subject to any additional requirements contained in rules and regulations adopted and promulgated by the Director of Insurance pursuant to subsection (2) of section 44-416.09 relating to or setting forth the valuation of assets or reserve credits, the amount and form of security supporting reinsurance arrangements, or the circumstances pursuant to which credit will be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with the assuming insurer as security for the payment of obligations thereunder, if the security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer, or, in the case of a trust, held in a qualified United States financial institution. This security may be in the form of:
(1) Cash;
(2) Securities approved by the Director of Insurance. The director may use the list of securities furnished by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;
(3)(a) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution effective no later than December 31 of the year for which the filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement; or
(b) Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification, or amendment, whichever first occurs; or
(4) Any other form of security acceptable to the director.
Source
Laws 2005, LB 119, § 32;
Laws 2015, LB298, § 2;
Laws 2018, LB815, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-416.08 - Qualified United States financial institution, defined.

44-416.08.
Qualified United States financial institution, defined.
(1) For purposes of subdivision (3) of section 44-416.07, qualified United States financial institution means an institution that:
(a) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;
(b) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(c) Has been determined by either the Director of Insurance or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the director.
(2) For purposes of those provisions of sections 44-416.05 to 44-416.10 specifying those institutions that are eligible to act as a fiduciary of a trust, qualified United States financial institution means an institution that:
(a) Is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
(b) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
Source
Laws 2005, LB 119, § 33.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-416.09 - Rules and regulations.

44-416.09.
Rules and regulations.
(1) The director may adopt and promulgate rules and regulations to carry out sections 44-416.05 to 44-416.10.
(2)(a) The director may also adopt and promulgate rules and regulations applicable only to reinsurance arrangements described in subdivision (b) of this subsection.
(b) Any rule or regulation adopted and promulgated pursuant to this subsection shall only apply to reinsurance relating to:
(i) Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;
(ii) Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;
(iii) Variable annuities with guaranteed death or living benefits;
(iv) Long-term care insurance policies; or
(v) Such other life and health insurance and annuity products as determined by the director.
(c) Any rule or regulation adopted and promulgated pursuant to subdivision (b)(i) or (b)(ii) of this subsection may apply to any treaty containing (i) policies issued prior to January 1, 2015, if risk pertaining to such policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015, or (ii) policies issued on or after January 1, 2015.
(d) Any rule or regulation adopted and promulgated pursuant to this subsection may require the ceding insurer, in calculating the amounts or forms of security required to be held, to use the valuation manual prescribed by the director pursuant to section 44-8908.
(e) Any rule or regulation adopted and promulgated pursuant to this subsection shall not apply to a cession to an assuming insurer that:
(i) Meets the conditions set forth in subsection (7) of section 44-416.06;
(ii) Is a certified reinsurer in this state pursuant to subdivision (6)(a) of section 44-416.06; or
(iii) Maintains at least two hundred fifty million dollars in capital and surplus when determined in accordance with accounting practices and procedures manuals as prescribed by the director in substantial conformity with the Accounting Practices and Procedures Manual adopted by the National Association of Insurance Commissioners and is determined by the director to be:
(A) Licensed to transact insurance or reinsurance in at least twenty-six states; or
(B) Licensed to transact insurance or reinsurance in at least ten states and either licensed to transact insurance or is an accredited reinsurer in a total of at least thirty-five states.
(f) The authority to adopt and promulgate rules and regulations pursuant to this subsection does not limit the director's general authority to adopt rules and regulations pursuant to subsection (1) of this section.
Source
Laws 2005, LB 119, § 34;
Laws 2018, LB815, § 3;
Laws 2020, LB774, § 2.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-416.10 - Applicability of sections.

44-416.10.
Applicability of sections.
Sections 44-416.05 to 44-416.10 apply to all cessions after September 4, 2005, under reinsurance agreements that have an inception, anniversary, or renewal date not less than six months after September 4, 2005.
Source
Laws 2005, LB 119, § 35.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-417 - Credit for reinsurance; conditions.

44-417.
Credit for reinsurance; conditions.
No credits specified in sections 44-416.05 to 44-416.10 shall be made or allowed as an admitted asset or deduction from liability to any ceding insurer for reinsurance unless the contract of reinsurance provides in substance that, in the event of the insolvency of the ceding insurer, the portion of any risk or obligation assumed by the reinsurer, when such portion is ascertained, shall be payable by the assuming insurer on the basis of the liability of the ceding insurer under the contract or contracts reinsured without diminution because of the insolvency of the ceding insurer. Such payments shall be made directly to the ceding insurer or to its domiciliary liquidator except (1) when the contract or other written agreement specifically provides another payee of such reinsurance in the event of the insolvency of the ceding insurer or (2) when the assuming insurer, with the consent of the direct insured, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to such payees. The reinsurance agreement may provide that the domiciliary liquidator, receiver, or legal successor of an insolvent ceding insurer shall give written notice of the pendency of a claim against the insolvent ceding insurer on the policy or bond reinsured, within a reasonable time after such claim is filed in the insolvency proceeding, and that during the pendency of such claim, any assuming insurer may investigate such claim and interpose, at its own expense, in the proceeding in which such claim is to be adjudicated, any defense or defenses which it may deem available to the ceding insurer or its liquidator, receiver, or legal successor. The expense thus incurred by the assuming insurer may be filed as a claim against the insolvent ceding insurer as part of the expense of liquidation, to the extent of a proportionate share of the benefit which may accrue to the ceding insurer solely as a result of the defense undertaken by the assuming insurer.
When two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose a defense to such claim, the expense shall be apportioned subject to court approval, in accordance with the terms of the reinsurance agreement as though such expense had been incurred by the ceding insurer.
Source
Laws 1951, c. 131, § 2, p. 552;
Laws 1985, LB 299, § 9;
Laws 1991, LB 236, § 43;
Laws 2001, LB 360, § 1;
Laws 2005, LB 119, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-420 - Actuarial opinions; terms, defined.

44-420.
Actuarial opinions; terms, defined.
For purposes of sections 44-420 to 44-427:
(1) Director shall mean the Director of Insurance; and
(2) Qualified actuary shall mean an individual who is a member in good standing of the American Academy of Actuaries and who meets all requirements as determined by the director by rule or regulation.
Source
Laws 1994, LB 978, § 7.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-421 - Actuarial opinions; life insurance company; annual submission.

44-421.
Actuarial opinions; life insurance company; annual submission.
Every life insurance company doing business in this state shall annually submit the opinion of a qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the director are computed appropriately, are based on assumptions which satisfy contractual provisions, are consistent with prior reported amounts, and comply with applicable laws of this state.
Source
Laws 1994, LB 978, § 8.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-422 - Actuarial opinions; life insurance company; additional requirements.

44-422.
Actuarial opinions; life insurance company; additional requirements.
Every life insurance company, except as exempted by the director by rule or regulation, shall also annually include in the opinion required by section 44-421 an opinion of the same qualified actuary as to whether the reserves and related actuarial items held in support of the policies and contracts specified by the director, when considered in light of the assets held by the company with respect to the reserves and related actuarial items, including the investment earnings on the assets and the considerations anticipated to be received and retained under the policies and contracts, make adequate provision for the company's obligations under the policies and contracts, including the benefits under and expenses associated with the policies and contracts.
Source
Laws 1994, LB 978, § 9.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-423 - Actuarial opinions; transition period authorized.

44-423.
Actuarial opinions; transition period authorized.
The director may provide for a transition period for establishing any higher reserves which the qualified actuary may deem necessary in order to render the opinion required by section 44-421.
Source
Laws 1994, LB 978, § 10.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-424 - Actuarial opinions; requirements.

44-424.
Actuarial opinions; requirements.
Every opinion required by section 44-421 shall be governed by the following provisions:
(1) The opinion shall be submitted with the annual statement reflecting the valuation of such reserve liabilities for each year ending on or after December 31, 1994;
(2) The opinion shall apply to all business in force including individual and group sickness and accident insurance plans, in form and substance acceptable to the director;
(3) The opinion shall be based on standards adopted from time to time by the Actuarial Standards Board and on such additional standards as the director may prescribe;
(4) In the case of an opinion required to be submitted by a foreign or alien company, the director may accept the opinion filed by that company with the insurance supervisory official of another state if the director determines that the opinion reasonably meets the requirements applicable to a domestic company; and
(5) Except in cases of fraud or willful misconduct, the qualified actuary shall not be liable for damages to any person, other than the insurance company and the director, for any act, error, omission, decision, or conduct with respect to the actuary's opinion.
Source
Laws 1994, LB 978, § 11.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-426 - Actuarial opinions; valuation of sickness and accident policies.

44-426.
Actuarial opinions; valuation of sickness and accident policies.
The director may adopt and promulgate rules and regulations containing the minimum standards applicable to the valuation of sickness and accident policies.
Source
Laws 1994, LB 978, § 13.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-501.01 - Fire insurance policies; statement as to coverage of loss by nuclear reaction, nuclear radiation, or radioactive contamination.

44-501.01.
Fire insurance policies; statement as to coverage of loss by nuclear reaction, nuclear radiation, or radioactive contamination.
Insurers issuing the standard policy pursuant to section 44-501 are hereby authorized to affix thereto or include therein, subject to the approval of the Director of Insurance, a written statement that the policy does not cover loss or damage caused by nuclear reaction, nuclear radiation or radioactive contamination, all whether directly or indirectly resulting from an insured peril under said policy;
Provided,
that nothing herein contained shall be construed to prohibit the attachment to any such policy of an endorsement or endorsements specifically assuming coverage for loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination.
Source
Laws 1959, c. 208, § 1, p. 727.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-502.01 - Policy loans; variable interest rates.

44-502.01.
Policy loans; variable interest rates.
The purpose of sections 44-502.01 to 44-502.04 is to permit and set guidelines for life insurers to include in life insurance policies issued after August 30, 1981, a provision for periodic adjustment of policy loan interest rates.
Source
Laws 1981, LB 355, § 14.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-502.02 - Policy loans; published monthly average, defined.

44-502.02.
Policy loans; published monthly average, defined.
For purposes of sections 44-502.01 to 44-502.04, published monthly average shall mean a monthly bond yield average which is:
(1) Published by a national financial statistical organization;
(2) Recognized by the National Association of Insurance Commissioners;
(3) In current general use in the insurance industry; and
(4) Designated by the Director of Insurance.
Source
Laws 1981, LB 355, § 15.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-502.04 - Policy loans; interest rate provisions; when applicable.

44-502.04.
Policy loans; interest rate provisions; when applicable.
The provisions of sections 44-502.01 to 44-502.04 shall not apply to any insurance contract issued before August 30, 1981, unless the policyholder agrees in writing to the applicability of such provisions. Any such agreement shall be void unless it is entered into by the policyholder voluntarily and following full disclosure of its effects pursuant to the rules and regulations of the Department of Insurance.
Source
Laws 1981, LB 355, § 17;
Laws 1989, LB 92, § 121.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-502.05 - Life insurance; annuity policy; return; when.

44-502.05.
Life insurance; annuity policy; return; when.
Every individual life insurance or annuity policy, except a credit life policy, shall have printed on its face or attached to the policy a notice stating in substance that the person to whom the policy is issued shall be permitted to return the policy within ten days of its delivery to the purchaser and to have the premium paid refunded if, after examination of the policy, the purchaser is not satisfied with it for any reason. If a policyholder or a purchaser pursuant to such notice returns the policy to the insurer at its home office or branch office or to the agent or agency through which it was purchased, the policy shall be void from the beginning and the parties shall be in the same position as if no policy had been issued.
Source
Laws 1989, LB 92, § 128.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-503 - Life or endowment policies; provisions prohibited.

44-503.
Life or endowment policies; provisions prohibited.
No policy of life or endowment insurance shall be issued or delivered in this state (1) if it contains in substance a provision by which the policy shall purport to be issued, or to take effect, more than six months before the original application for the insurance was made, (2) if it contains in substance a provision which excludes or restricts liability in the event of death by suicide if such death occurs more than two years after the policy date, (3) if it contains in substance provision, except such provisions as are authorized or required by section 44-502, by which the settlement at the maturity of any policy after the expiration of the contestable period thereof shall be of less value than the amount promised on the face of the policy plus dividend additions, if any, less any indebtedness to the company on or secured by the policy, and less any premium that may, by the terms of the policy, be deducted, or (4) if there are attached thereto or issued as a part thereof or in connection therewith any coupons or other evidence of indebtedness by whatever name called, which coupons or other evidence of indebtedness are to be used in reducing the premiums on the policies or for the purchase of additional insurance or any benefit whatever or which are to be redeemed by the company in cash under any circumstances in the nature of a rebate on the premium.
Source
Laws 1913, c. 154, § 102, p. 449;
R.S.1913, § 3239;
Laws 1919, c. 190, tit. V, art. VII, § 3, p. 630;
C.S.1922, § 7838;
C.S.1929, § 44-603;
Laws 1941, c. 87, § 2, p. 340;
C.S.Supp.,1941, § 44-603;
Laws 1943, c. 106, § 7, p. 368;
R.S.1943, § 44-503;
Laws 1989, LB 92, § 122.
Annotations
Agreement between insurer and beneficiary, made after the death of the insured, providing for a life annuity in lieu of a lump sum payment to the beneficiary, is valid and not in violation of this section. Greevy v. Mass. Mut. Life Ins. Co., 128 Neb. 586, 259 N.W. 656 (1935).
Effective date of policy of insurance was the point of time when the application for insurance was accepted rather than the time the policy was predated. Beister v. John Hancock Mut. Life Ins. Co., 356 F.2d 634 (8th Cir. 1966).
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-503.01 - Beneficiary; trustee; named or to be named in a will.

44-503.01.
Beneficiary; trustee; named or to be named in a will.
A policy of life insurance may designate as beneficiary a trustee or trustees named or to be named by will, if the designation is made in accordance with the provisions of the policy and the requirements of the insurance company. Immediately after the proving of the will the proceeds of such insurance shall be paid to the trustee or trustees named therein to be held and disposed of under the terms of the will as they exist at the death of the testator, but if no qualified trustee makes claim to the proceeds from the insurance company within one year after the death of the insured, or if satisfactory evidence is furnished the insurance company within such one-year period showing that no trustee can qualify to receive the proceeds, payment shall be made by the insurance company to those thereafter entitled. Any payment of proceeds in accordance with the provisions of this section by an insurance company shall constitute a full discharge of such insurance company's liability for the amount so paid. The proceeds of the insurance as collected by the trustee or trustees shall not be subject to debts of the insured and inheritance tax. Enactment of this section shall not invalidate previous life insurance policy beneficiary designations naming trustees of trusts established by will.
Source
Laws 1969, c. 355, § 1, p. 1235.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-507 - Foreign and domestic companies; policies; contents; reciprocity.

44-507.
Foreign and domestic companies; policies; contents; reciprocity.
The policies of any insurance company not organized under the laws of this state may, if filed with the director pursuant to the Property and Casualty Insurance Rate and Form Act, contain any provisions which the law of the state, territory, district, or country under which the company is organized prescribes shall be in such policies when issued in this state, and the policies of any insurance company organized under the laws of this state may, when issued or delivered in any other state, territory, district, or country, contain any provision required by the laws of the state, territory, district, or country in which such policies are issued, the provisions of sections 44-501 to 44-510 to the contrary notwithstanding.
Source
Laws 1913, c. 154, § 106, p. 453;
R.S.1913, § 3243;
Laws 1919, c. 190, tit. V, art. VII, § 7, p. 634;
C.S.1922, § 7842;
Laws 1925, c. 124, § 4, p. 330;
C.S.1929, § 44-607;
R.S.1943, § 44-507;
Laws 2007, LB117, § 5.
Cross References
Property and Casualty Insurance Rate and Form Act, see section 44-7501.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-508 - Liability insurance; automobiles; bankruptcy of insured; policy provisions; reciprocity.

44-508.
Liability insurance; automobiles; bankruptcy of insured; policy provisions; reciprocity.
The policies or contracts of insurance covering legal liability for injury to a person or persons caused by the ownership, operation, use, or maintenance of an automobile issued by any domestic or foreign company shall, if filed with the director pursuant to the Property and Casualty Insurance Rate and Form Act, contain a provision that the insolvency or bankruptcy of the assured shall not release the company from the payment of damages for injury sustained or loss occasioned during the life of the policy, and, in case of such insolvency or bankruptcy, an action may be maintained within the terms and limits of the policy by the injured person or his or her heirs against the insurer.
Source
Laws 1925, c. 124, § 4, p. 330;
C.S.1929, § 44-607;
R.S.1943, § 44-508;
Laws 2007, LB117, § 6.
Cross References
Property and Casualty Insurance Rate and Form Act, see section 44-7501.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-509 - Policies; invalid provisions; construction.

44-509.
Policies; invalid provisions; construction.
A policy issued in violation of sections 44-501 to 44-508 shall be held valid, but shall be construed as provided herein, and when any provision in such a policy is in conflict with any provision hereof, the rights, duties and obligations of the company, policyholder and the beneficiary shall be governed by the provisions of such sections.
Source
Laws 1913, c. 154, § 107, p. 453;
R.S.1913, § 3244;
Laws 1919, c. 190, tit. V, art. VII, § 8, p. 634;
C.S.1922, § 7843;
C.S.1929, § 44-608;
R.S.1943, § 44-509.
Annotations
Insured was entitled to statutory grace period of one month in which to pay semiannual installment of life insurance policy regardless of provisions in the policy to the contrary. Higgins v. Old Line Ins. Co., 122 Neb. 254, 240 N.W. 275 (1932).
Breach of condition in policy against removal of the insured property without the consent of the insurer was no bar to recovery where such breach did not contribute to the loss. Mayfield v. North River Ins. Co., 122 Neb. 63, 239 N.W. 197 (1931).
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-510 - Policies; provisions; violations; penalty.

44-510.
Policies; provisions; violations; penalty.
Any company or association, or any officer, agent, or broker thereof, which or who issues or delivers in this state, or to any citizen thereof, any policy in willful violation of the provisions of sections 44-501 to 44-508 shall be punished by a fine not exceeding one hundred dollars for each offense; and the Department of Insurance may revoke the license of any company, association, agent or broker thereof which or who violates any of the provisions of such sections.
Source
Laws 1913, c. 154, § 108, p. 453;
R.S.1913, § 3245;
Laws 1919, c. 190, tit. V, art. VII, § 9, p. 634;
C.S.1922, § 7844;
C.S.1929, § 44-609;
R.S.1943, § 44-510.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-511 - Life or annuity policy; form; approval; exception; appeal.

44-511.
Life or annuity policy; form; approval; exception; appeal.
Except as otherwise provided by the Director of Insurance, no policy of life insurance or annuity shall be delivered or issued for delivery in this state, nor shall any endorsement, rider, or application which becomes a part of any such policy be used, until a copy of the form has been filed with the director. No such policy, endorsement, rider, or application shall be so used until the expiration of thirty days after the form has been received unless the director shall sooner give his or her written approval thereto. Such thirty-day period may be extended by the director for an additional period not to exceed thirty days. Notice of such extension shall be mailed to the insurer involved. The director shall notify in writing the insurer which has filed any such form if such form or provision or language thereof is unjust, unfair, inequitable, misleading, or deceptive, encourages misrepresentation of the coverage, or contrary to any provision of the statutes of this state or any rule or regulation adopted and promulgated thereunder, specifying the reasons for his or her opinion, and it shall thereafter be unlawful for such insurer to use such form in this state. In such notice, the director shall state that a hearing will be granted within thirty days upon written request of the insurer. In all other cases the director shall give his or her approval. The disapproval may be appealed, and the appeal shall be in accordance with the Administrative Procedure Act.
Source
Laws 1963, c. 258, § 1, p. 782;
Laws 1969, c. 359, § 19, p. 1275;
Laws 1988, LB 352, § 49;
Laws 1989, LB 92, § 123.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-512 - Life or annuity policy; form; withdrawal of approval; procedure; appeal.

44-512.
Life or annuity policy; form; withdrawal of approval; procedure; appeal.
After the expiration of such thirty days from the filing of any such form or at any time after having given written approval thereof, the director may, after a hearing of which at least ten days' written notice has been given to the insurer issuing such form, withdraw approval on any of the grounds stated in section 44-511. Such disapproval shall be effected by written order of the director which shall state the grounds for disapproval and the date, not less than thirty days after such hearing, when the withdrawal of approval shall become effective. The disapproval may be appealed, and the appeal shall be in accordance with the Administrative Procedure Act.
Source
Laws 1963, c. 258, § 2, p. 782;
Laws 1969, c. 359, § 20, p. 1276;
Laws 1988, LB 352, § 50.
Cross References
Administrative Procedure Act, see section 84-920.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-513 - Osteopathic medicine and surgery, chiropractic, optometry, psychology, dentistry, podiatry, or mental health service; policy; provisions.

44-513.
Osteopathic medicine and surgery, chiropractic, optometry, psychology, dentistry, podiatry, or mental health service; policy; provisions.
Whenever any insurer provides by contract, policy, certificate, or any other means whatsoever for a service, or for the partial or total reimbursement, payment, or cost of a service, to or on behalf of any of its policyholders, group policyholders, subscribers, or group subscribers or any person or group of persons, which service may be legally performed by a person licensed in this state for the practice of osteopathic medicine and surgery, chiropractic, optometry, psychology, dentistry, podiatry, or mental health practice or by a person who holds a privilege to practice in Nebraska as a professional counselor under the Licensed Professional Counselors Interstate Compact, the person rendering such service or such policyholder, subscriber, or other person shall be entitled to such partial or total reimbursement, payment, or cost of such service, whether the service is performed by a duly licensed medical doctor or by a duly licensed osteopathic physician, chiropractor, optometrist, psychologist, dentist, podiatrist, or mental health practitioner or duly privileged professional counselor. This section shall not limit the negotiation of preferred provider policies and contracts under sections 44-4101 to 44-4113.
Source
Laws 1967, c. 258, § 1, p. 681;
Laws 1969, c. 372, § 1, p. 1330;
Laws 1974, LB 712, § 1;
Laws 1975, LB 190, § 1;
Laws 1984, LB 902, § 15;
Laws 1989, LB 342, § 2;
Laws 1994, LB 1222, § 50;
Laws 1995, LB 473, § 1;
Laws 2022, LB752, § 26.
Cross References
Licensed Professional Counselors Interstate Compact, see section 38-4201.
Annotations
The plain language of this section does not require insurance policies to charge identical copayments for a covered service, regardless of the type of provider. Cookson v. Ramge, 299 Neb. 128, 907 N.W.2d 296 (2018).
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-513.02 - Reimbursement for prescription drugs and other pharmacy services; prohibited provisions.

44-513.02.
Reimbursement for prescription drugs and other pharmacy services; prohibited provisions.
(1) A medical benefit contract which provides reimbursement for prescription drugs, including contracts by health maintenance organizations and preferred provider organizations, shall not require a person to obtain prescription drugs from a mail-order pharmacy as a condition to obtaining reimbursement for such drugs. This subsection shall apply to contracts delivered, issued for delivery, or renewed in this state on or after July 10, 1990.
(2)(a) A medical benefit contract, including any contract by a preferred provider organization but excluding any contract by a health maintenance organization, which provides reimbursement for prescription drugs and other pharmacy services shall not impose upon any person who is a party to or beneficiary of the contract a fee or copayment not equally imposed upon any party or beneficiary utilizing a mail-order pharmacy, and no such contract shall provide differences in coverage or impose any different conditions upon any person who is a party to or beneficiary of the contract not equally imposed upon any party or beneficiary utilizing a mail-order pharmacy. This subsection shall apply to contracts delivered, issued for delivery, or renewed in this state on or after July 16, 1994.
(b) This subsection shall not apply to reimbursement for long-term maintenance drugs. Long-term maintenance drugs means medications which are dispensed pursuant to a single prescription for a period of no less than one hundred eighty days, exclusive of authorized refills, for the ongoing treatment of a chronic medical condition or disease or congenital condition or disorder.
Source
Laws 1990, LB 1136, § 122;
Laws 1994, LB 718, § 1;
Laws 1995, LB 531, § 1.
2023 Nebraska Revised Statutes › Chapter 44 - Insurance › 44-515 - Automobile liability policy; notice of cancellation; requirements; exceptions.

44-515.
Automobile liability policy; notice of cancellation; requirements; exceptions.
(1) A notice of cancellation of a policy shall be effective only if it is based on one or more of the following reasons:
(a) Nonpayment of premium;
(b) Fraud or material misrepresentation affecting the policy or in the presentation of a claim thereunder, or violation of any of the terms or conditions of the policy; or
(c) The named insured or any operator, either resident in the same household or who customarily operates an automobile insured under the policy, (i) has had his or her driver's license suspended or revoked pursuant to law, (ii) has been convicted of larceny of an automobile, or theft of an automobile in violation of section 28-516, (iii) has been convicted of an offense for which such suspension or revocation is mandatory, or (iv) whose driver's license is subject to revocation or suspension pursuant to the provisions of sections 60-4,182 to 60-4,186, by reason of his or her driving record as disclosed by the files of the Director of Motor Vehicles during the policy period or, if the policy is a renewal, during its policy period or the one hundred eighty days immediately preceding its effective date.
(2) This section shall not apply to any policy or coverage which has been in effect less than sixty days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy.
(3) This section shall not apply to nonrenewal.
Source
Laws 1972, LB 1396, § 2;
Laws 1978, LB 748, § 29;
Laws 1993, LB 370, § 43.
Annotations
This section limits the grounds for cancellation of policies of the type defined in section 44-514. Glockel v. State Farm Mut. Auto. Ins. Co., 224 Neb. 598, 400 N.W.2d 250 (1987).
Unless a cancellation statute is manifestly all-inclusive, a statute specifying the instances under which a party to an insurance contract may cancel it does not make cancellation the exclusive remedy, and it is not in derogation of other remedial rights which are recognized and implemented by other provisions of law. Glockel v. State Farm Mut. Auto. Ins. Co., 224 Neb. 598, 400 N.W.2d 250 (1987).
An automobile liability policy may be cancelled for any of the reasons appearing in this section. Glockel v. State Farm Mut. Auto. Ins. Co., 219 Neb. 222, 361 N.W.2d 559 (1985).
Section 44-516 requires registered or certified mail for every cancellation notice regardless of the period the policy has been in force. Saunders v. Mittlieder, 195 Neb. 232, 237 N.W.2d 838 (1976).