44-2404. Nebraska Property and Liability Insurance Guaranty Association; legal entity; members; functions.
132 words·~1 min read·
/ne/chapter-44/44-2404A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is hereby created a nonprofit unincorporated legal entity to be known as the Nebraska Property and Liability Insurance Guaranty Association. All insurers defined as member insurers in subdivision
(6)of section 44-2403 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved pursuant to section 44-2408 and shall exercise its powers through a board of directors established by section 44-2405 . For purposes of administration and assessment, the association shall be divided into three separate accounts:
(a)The workers' compensation insurance account;
(b)the automobile insurance account; and
(c)the account for all other insurance to which the Nebraska Property and Liability Insurance Guaranty Association Act applies.