The Director of Insurance may issue an order suspending, revoking or refusing to renew the certificate of authority of any company to issue variable annuities in this state if he finds that any of the following conditions exist:

Terms Used In Nebraska Statutes 44-2218

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
  • Fraud: Intentional deception resulting in injury to another.
  • State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801

(1) Any cause for which the issuance of a certificate of authority could have been refused had it existed and been known to the director at the time the license was originally issued;

(2) The company has violated or committed acts contrary to the provisions of Chapter 44;

(3) The company has obtained or attempted to obtain such license through willful misrepresentation or fraud;

(4) The company’s authority to do a life insurance business or variable annuity business has been suspended, denied, or revoked in any other state; or

(5) The company has shown itself to be untrustworthy or incompetent.

Source

  • Laws 1969, c. 358, § 18, p. 1266.
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