Nebraska Statutes 44-5907. Conflict of interest
(1) No examiner may be appointed by the director if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any company subject to examination under the Insurers Examination Act. This section shall not be construed to automatically preclude an examiner from being:
Terms Used In Nebraska Statutes 44-5907
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) A policyholder or claimant under an insurance policy;
(b) A grantor of a mortgage or similar instrument on the examiner’s residence to a regulated entity if done under customary terms and in the ordinary course of business;
(c) An investment owner in shares of regulated diversified investment companies; or
(d) A settlor or beneficiary of a blind trust into which any otherwise impermissible holdings have been placed.
(2) Notwithstanding the requirements of this section, the director may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions even though the individuals may from time to time be similarly employed or retained by persons subject to examination under the act.