44-5506.01. Nonadmitted insurer; certificate of authority; director; powers; provisions applicable.
166 words·~1 min read·
/ne/chapter-44/44-5506-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The director may provide written authority in the form of a certificate of authority to operate as a domestic surplus lines insurer in the State of Nebraska to a nonadmitted insurer domiciled in this state if the director determines that such nonadmitted insurer:
(a)Possesses policyholder surplus of at least fifteen million dollars;
(b)Is an eligible surplus lines insurer in at least one state jurisdiction other than this state; and
(c)Is acting pursuant to a resolution passed by its board of directors seeking to be a domestic surplus lines insurer in this state.
(2)All financial and solvency requirements imposed by Chapter 44 upon a domestic admitted insurer shall apply to a domestic surplus lines insurer unless domestic surplus lines insurers are otherwise specifically exempted.
(3)Policies issued by a domestic surplus lines insurer are not subject to the protections or other requirements of the Nebraska Property and Liability Insurance Guaranty Association Act or the Nebraska Life and Health Insurance Guaranty Association Act.