Nebraska Statutes 44-2206. Order denying application for authority to issue variable annuities; conditions
The Director of Insurance may issue an order denying the application for authority to issue variable annuities if:
Terms Used In Nebraska Statutes 44-2206
- 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) The applicant has failed to comply with any prerequisite of law for the issuance of such license;
(2) The applicant is insolvent or has failed to submit a satisfactory financial statement;
(3) The applicant’s condition or method of operation in connection with the issuance of variable annuities is such as to render its operation hazardous to the public, its shareholders, or other policyholders;
(4) The applicant’s previous conduct indicates that it is untrustworthy;
(5) The applicant has attempted to obtain such license through willful misrepresentation or fraud;
(6) The applicant has been denied a similar license in any other state; or
(7) The applicant’s license to conduct a similar business has been suspended or revoked in any other state.
Source
- Laws 1969, c. 358, § 6, p. 1262;
- Laws 1989, LB 92, § 195.