Nebraska Statutes 44-216. Mutual company; assessment association; articles of incorporation; contents
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The articles of incorporation of a mutual company or an assessment association may limit the insurance to specified kinds or classes of property, lives, individuals, or liabilities within any subdivision of section 44-201 or the territory within which insurance shall be granted and shall provide the manner in which policyholders of a mutual company shall participate in the profits of the company.
Source
- Laws 1913, c. 154, § 85, p. 430;
- R.S.1913, § 3222;
- Laws 1919, c. 190, tit. V, art. V, § 8, p. 610;
- C.S.1922, § 7821;
- C.S.1929, § 44-408;
- R.S.1943, § 44-216;
- Laws 1989, LB 92, § 62.
Terms Used In Nebraska Statutes 44-216
- Assessment association: shall mean a company that meets its losses and expenses from assessment levied upon its members. See Nebraska Statutes 44-103
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mutual company: shall mean a company without capital stock that charges a fixed premium and is required to maintain the same reserve as a stock company. See Nebraska Statutes 44-103