44-208.01. Insurance companies; organization; filings required.

405 words·~2 min read·/ne/chapter-44/44-208-01

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In addition to the statement required by section 44-208 of persons incorporating stock companies, the incorporators of all domestic stock, mutual, and assessment insurers shall file with the Department of Insurance

(a)copies of the proposed bylaws,

(b)forms of subscriptions for capital stock or forms of application for membership or for insurance, and

(c)a bond payable to the Director of Insurance and his or her successors, as trustees, in the penal sum to be determined by the Director of Insurance and in no event to be less than ten thousand dollars, with corporate surety, and conditioned upon the faithful accounting to the corporation on completion of its organization and the receipt of its certificate of authority from the Department of Insurance, to the shareholders, applicants for membership or for policies, or creditors, or to the trustee, receiver, or assignee of the corporation, duly appointed in any court of competent jurisdiction in this state, in accordance with their respective rights in the event the organization of the corporation is not completed and a certificate of authority to do business is not procured.

(2)In addition to the requirements of subsection

(1)of this section, the incorporators of stock insurers shall file an application to solicit subscriptions for stock which shall include

(a)the correct names and addresses of the incorporators and promoters,

(b)a detailed statement of the plan upon which the corporation will operate,

(c)the names, the addresses, and a brief description of the business experience of the proposed executive officers, including supervisory and administrative personnel,

(d)the par value of the stock,

(e)the subscription price of the stock,

(f)the amount to be expended for organization and promotion expenses, expressed in a percentage of the subscription price of the stock,

(g)the proposed plan of soliciting subscriptions for stock,

(h)the place and manner in which the proceeds from full and partial subscriptions for stock will be held pending the corporation's organization,

(i)an outline of the manner in which the corporation proposes to maintain its books and records, including the records pertaining to the solicitation of subscriptions for stock,

(j)duplicate copies of all advertising matter which is to be used in connection with the sale of stock,

(k)duplicate copies of all contracts to be entered into with persons employed to solicit subscriptions, and

(l)such other information as may be required by the Department of Insurance.