No foreign or alien insurance company shall be permitted to transact any business of insurance in this state: (1) If a stock company, unless it possesses, in its own exclusive name and right, paid-up, unimpaired capital stock and surplus equal to the minimum amount required by section 44-214 to entitle any domestic stock insurance company to transact a like kind or kinds of business; and (2) if a mutual company, unless it owns, has, and possesses, in its own exclusive name and right, surplus unimpaired of the kind and equal to the minimum amount required by section 44-219 to entitle any domestic mutual insurance company to transact a like kind or kinds of business. No part of such minimum capital or surplus shall consist of the capital stock of its own or any other insurance company. No alien insurance company shall be authorized to transact any business of insurance in this state unless it shall have deposited with the insurance department of some one state in the United States not less than two hundred thousand dollars in approved securities for the benefit of all its policyholders in the United States.

Source

  • Laws 1913, c. 154, § 38, p. 414;
  • R.S.1913, § 3174;
  • Laws 1919, c. 190, tit. V, art. IV, § 9, p. 593;
  • C.S.1922, § 7774;
  • C.S.1929, § 44-309;
  • R.S.1943, § 44-305;
  • Laws 1947, c. 161, § 1, p. 442;
  • Laws 1989, LB 92, § 95.

Terms Used In Nebraska Statutes 44-305

  • 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
  • Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
  • Foreign: when applied to corporations shall include all those created by authority other than that of this state. See Nebraska Statutes 49-801
  • 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
  • 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
  • Stock company: shall mean a company with a capital stock that charges a fixed premium and is required to maintain the reserve provided by Chapter 44. See Nebraska Statutes 44-103
  • United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
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