44-801. Domestic associations; special and additional requirements; amendments to bylaws; approval of department required.
141 words·~1 min read·
/ne/chapter-44/44-801A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No domestic assessment association shall begin to transact the business of insurance until
(1)its bylaws, stating in detail its scheme and method of doing business, shall have been approved by the Department of Insurance; and
(2)it has received one hundred or more applications for membership, and shall have received in cash the proceeds of one assessment, unless formed to insure grain elevators and contents, warehouses, coal sheds, lumber yards and flour mills, in which case there shall be not less than fifty applications for membership.
Every amendment to a bylaw, which in any manner changes the scheme or method of doing business, must be approved by the Department of Insurance before it shall take effect.
Assessments were made in conformity with statute and policyholder liable thereon. Nebraska Mutual Ins. Co. v. Borden, 132 Neb. 656, 272 N.W. 767 (1937).