44-208.02. Insurance companies; organization; subscriptions to stock; permit.
180 words·~1 min read·
/ne/chapter-44/44-208-02A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the Director of Insurance approves the forms of subscriptions for capital stock or the forms of application for membership or for insurance, the corporate surety on the bond required by section 44-208.01 , and, in the case of stock insurers, the application to solicit subscriptions for stock, he or she shall deliver to the promoter or incorporators a permit in the name of the corporation authorizing it to complete its organization. Upon receiving such permit, the corporation shall have authority to solicit subscriptions and payments for capital stock if a stock insurer and applications and premiums or advance assessments for insurance if other than a stock insurer and to exercise such powers, subject to the limitations imposed by the Nebraska Model Business Corporation Act and Chapter 44, as may be necessary and proper in completing its organization and qualifying for a license to transact the kind or kinds of insurance proposed in its articles of incorporation.
No corporation shall issue policies or enter into contracts of insurance until it receives a certificate of authority permitting it to do so.