44-2001. Act; purpose.
196 words·~1 min read·
/ne/chapter-44/44-2001A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purpose of the Unauthorized Insurers Act is to subject certain insurers to the jurisdiction of the Department of Insurance and the courts of this state in administrative proceedings and in suits by or on behalf of the state. The Legislature declares that it is concerned with the protection of residents of this state against acts by insurers not authorized to do an insurance business in this state, by the maintenance of fair and honest insurance markets, by protecting authorized insurers which are subject to regulation from unfair competition by unauthorized insurers, and by protecting against the evasion of the insurance regulatory laws of this state.
In furtherance of such state interest, the Legislature exercises its powers to protect residents of this state and to define what constitutes transacting an insurance business in this state and also exercises powers and privileges available to this state by virtue of Public Law 79-15, 79th Congress of the United States, Chapter 20, 1st Session, S. 340, 59 Stat. 33; 15 U.S.C. 1011 to 1015 inclusive, as amended, which declares that the business of insurance and every person engaged therein shall be subject to the laws of the several states.