Whenever the laws of any other state, or the rules and regulations of the insurance department of any such state, shall require of insurance companies organized under the laws of this state the payment of loan, surrender or nonforfeiture values to policyholders of such companies with such other state or states, based upon a minimum rate of interest less than that used by such Nebraska company, or companies, in computing the amount of such loan, surrender or nonforfeiture values to be paid to its policyholders within this state, then, as a condition precedent to a company organized under the laws of such other state being permitted to conduct or continue to conduct business in this state, the Department of Insurance may require that such company shall compute the loan, surrender or nonforfeiture values to be paid to Nebraska policyholders by such company or companies of such other state on the basis of a minimum interest rate less than the interest rate used by such company or companies as a basis for such loan, surrender or nonforfeiture values in its home state, by an amount equal to the difference between the rate used by such Nebraska company or companies in computing such values to be paid to its policyholders in this state and the minimum rate required by such other state or states, to be used by such Nebraska company or companies in computing the amount of such values to be paid by it to its policyholders in such other state or states.

Source

  • Laws 1917, c. 72, § 1, p. 177;
  • Laws 1919, c. 190, tit. V, art. III, § 17, p. 586;
  • C.S.1922, § 7761;
  • C.S.1929, § 44-217;
  • Laws 1937, c. 100, § 1, p. 349;
  • C.S.Supp.,1941, § 44-217;
  • R.S.1943, § 44-151.

Terms Used In Nebraska Statutes 44-151

  • Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • Company shall: include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
  • Department: shall mean the Department of Insurance. See Nebraska Statutes 44-103
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • 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