The Legislature finds and declares that it is in the public interest that a domestic mutual insurer be permitted to convert to a stock insurer on terms and conditions that are fair and equitable to such mutual insurer’s policyholders. The Legislature further finds that because it is not possible to anticipate all of the circumstances and considerations which may arise incident to a conversion from a mutual insurer to a stock insurer, the Director of Insurance should have broad authority in reviewing such conversion, and the procedures and criteria to be applied by the director should be flexible within the parameters of the Insurers Demutualization Act. The act shall be liberally construed to effect the legislative intent set forth in this section and shall not be interpreted to limit the powers granted to the director by other provisions of the law.

Terms Used In Nebraska Statutes 44-6102

  • 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
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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
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