No domestic insurer shall declare or pay a dividend from any source other than earned surplus. For purposes of this section, earned surplus means an amount equal to the unassigned funds of an insurer as set forth in the most recent annual statement of the insurer submitted to the Director of Insurance including any surplus arising from unrealized capital gains or revaluation of assets.

Terms Used In Nebraska Statutes 44-325

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Director: shall mean the Director 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
  • Insurer: shall include all companies, exchanges, societies, or associations whether organized on the stock, mutual, assessment, or fraternal plan of insurance and reciprocal insurance exchanges. See Nebraska Statutes 44-103
  • Insurer shall: include all companies, exchanges, societies, or associations whether organized on the stock, mutual, assessment, or fraternal plan of insurance and reciprocal insurance exchanges. See Nebraska Statutes 44-103

Any dividend in excess of the unassigned funds of an insurer, excluding any surplus arising from unrealized capital gains or revaluation of assets, shall be deemed an extraordinary dividend and shall be subject to the requirements of section 44-2134.

Source

  • Laws 1913, c. 154, § 53, p. 420;
  • R.S.1913, § 3189;
  • Laws 1919, c. 190, tit. V, art. IV, § 24, p. 599;
  • C.S.1922, § 7789;
  • C.S.1929, § 44-324;
  • R.S.1943, § 44-325;
  • Laws 1976, LB 916, § 2;
  • Laws 1996, LB 689, § 1.
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