Nebraska Statutes 44-6203. Applicability of act
(1) The Assumption Reinsurance Act shall apply to any insurer authorized to transact business in this state which either assumes or transfers the obligations or risks on contracts of insurance owned by policyholders residing in this state pursuant to an assumption reinsurance agreement. The act shall not relieve any insurer of any other requirements of the insurance laws of this state.
Terms Used In Nebraska Statutes 44-6203
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Reinsurance: shall mean a contract by which an insurer procures a third party to insure it against loss or liability by reason of such original insurance. 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
(2) The act shall not apply to:
(a) Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations or risks under the contracts of insurance subject to the reinsurance agreement;
(b) The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;
(c) The transfer of contracts of insurance pursuant to mergers or consolidations of two or more insurers to the extent that those transactions are regulated by law;
(d) Any insurer subject to a judicial order of rehabilitation or liquidation; or
(e) Any reinsurance agreement or transaction to which a state insurance guaranty association is a party.