44-2906. Association; articles of incorporation; bylaws; contents; filed; where.

150 words·~1 min read·/ne/chapter-44/44-2906

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

(1)Any association to be formed pursuant to the Nebraska Hospital and Physicians Mutual Insurance Association Act shall be formed by submitting executed articles of incorporation to the Department of Insurance for examination, and if approved and found by it to be in accordance with the laws of this state, the department shall so certify. When such articles are thus approved, they shall be filed in the office of the Secretary of State and a copy thereof filed in the office of the department. The articles shall not be considered filed until they have been filed in each such office.

(2)The articles and bylaws shall set forth in detail the association's proposed method of doing business. Such articles and bylaws may include provisions for the following matters:

(a)Reinsurance with a professional reinsurance company;

(b)The extent and method of risk sharing among its members; and

(c)Borrowing money.