Nebraska Statutes 44-224.01. Reinsurance, merger, consolidation;terms, defined
For purposes of sections 44-224.01 to 44-224.10, unless the context otherwise requires:
Terms Used In Nebraska Statutes 44-224.01
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Reinsurance: shall mean a contract by which an insurer procures a third party to insure it against loss or liability by reason of such original insurance. See Nebraska Statutes 44-103
(1) Director shall mean the Director of Insurance or his or her authorized representative;
(2) Policyholders shall mean the members of mutual insurance companies, the members of assessment associations, and the subscribers to reciprocal insurance exchanges;
(3) Merger or contract of merger shall mean a merger or consolidation agreement between stock insurance companies as authorized by the Nebraska Model Business Corporation Act;
(4) Consolidation or contract of consolidation shall mean a merger or consolidation agreement between companies operating on other than the stock plan of insurance; and
(5) Bulk reinsurance or contract of bulk reinsurance shall mean an agreement whereby one company cedes by an assumption reinsurance agreement fifty percent or more of its risks and business to another company.
Source
- Laws 1957, c. 180, § 1, p. 620;
- Laws 1969, c. 359, § 10, p. 1271;
- Laws 1989, LB 92, § 72;
- Laws 1995, LB 109, § 218;
- Laws 2014, LB749, § 284.