Every domestic assessment association hereafter organized to transact the business of insurance in this state, except (1) health and accident assessment associations and (2) assessment associations organized primarily to write insurance coverage on farm properties against the perils of fire, lightning, windstorm, and hail, shall deposit with the Department of Insurance eligible securities for the benefit of all of its policyholders or policyholders and creditors in the United States equal to one-fifth of the minimum surplus funds required of domestic mutual insurance companies licensed to write the same kind or kinds of insurance.

Source

Terms Used In Nebraska Statutes 44-319.03

  • Assessment association: shall mean a company that meets its losses and expenses from assessment levied upon its members. See Nebraska Statutes 44-103
  • 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
  • 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
  • United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801