(1) In the event of payment under the uninsured or underinsured motorist coverage, the insurer making such payment shall, to the extent of such payment, be entitled to the proceeds of any settlement or judgment to the extent such settlement or judgment exceeds the amount paid under any applicable bodily injury liability policy or bond.

(2) If a tentative agreement to settle for liability limits has been reached with the owner or operator of an underinsured motor vehicle, written notice shall be given by certified or registered mail to the underinsured motorist coverage insurer by its insured. Such notice shall include written documentation of lost wages, medical bills, and written authorization to obtain reports from all employers and medical providers. Within thirty days of receipt of such notice, the underinsured motorist coverage insurer may substitute its payment to the insured for the tentative settlement amount. The underinsured motorist coverage insurer shall then be subrogated to the insured’s right of recovery to the extent of such payment and any settlement under the underinsured motorist coverage. If the underinsured motorist coverage insurer fails to pay the insured the amount of the tentative settlement within thirty days of receipt of such notice, the underinsured motorist coverage insurer shall have no right of subrogation for any amount paid under the underinsured motorist coverage.

(3) Whenever an insurer makes payment under uninsured or underinsured motorist coverage because of an insurer insolvency, as described in section 44-2403, the paying insurer’s right of recovery or reimbursement shall not include any rights either against the insured of such insolvent insurer, except for the amount which is in excess of the limits of liability of the policy of the insolvent insurer, or against a guaranty account established pursuant to the Nebraska Property and Liability Insurance Guaranty Association Act.