44-305. Foreign or alien company; capital and surplus required.
190 words·~1 min read·
/ne/chapter-44/44-305A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No foreign or alien insurance company shall be permitted to transact any business of insurance in this state:
(1)If a stock company, unless it possesses, in its own exclusive name and right, paid-up, unimpaired capital stock and surplus equal to the minimum amount required by section 44-214 to entitle any domestic stock insurance company to transact a like kind or kinds of business; and
(2)if a mutual company, unless it owns, has, and possesses, in its own exclusive name and right, surplus unimpaired of the kind and equal to the minimum amount required by section 44-219 to entitle any domestic mutual insurance company to transact a like kind or kinds of business. No part of such minimum capital or surplus shall consist of the capital stock of its own or any other insurance company. No alien insurance company shall be authorized to transact any business of insurance in this state unless it shall have deposited with the insurance department of some one state in the United States not less than two hundred thousand dollars in approved securities for the benefit of all its policyholders in the United States.