Nebraska Statutes 44-8215. Suspension or revocation of certificate of authority; administrative fine; grounds; notice; hearing; cease and desist order
(1) After notice and a hearing conducted pursuant to the Administrative Procedure Act, the director may suspend or revoke a certificate of authority or may impose an administrative fine not to exceed one thousand dollars per violation, or any combination of such actions, if the director finds the captive insurer:
Terms Used In Nebraska Statutes 44-8215
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Insurer: shall include all companies, exchanges, societies, or associations whether organized on the stock, mutual, assessment, or fraternal plan of insurance and reciprocal insurance exchanges. See Nebraska Statutes 44-103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(a) Engages in financial practices that make further transaction of business in this state hazardous or injurious to claimants or the public as defined by rule and regulation adopted and promulgated by the director;
(b) Within fifteen business days fails to respond to an inquiry of the director;
(c) Fails to pay any final judgment rendered against it in this state on any contractual obligation in a reasonable period of time;
(d) Conducts business fraudulently or has not met its contractual obligations in good faith; or
(e) Violates any provision of the laws of this or any other state.
(2) In lieu of or in addition to the administrative fines set forth in subsection (1) of this section, the director may issue a cease and desist order to a captive insurer if the captive insurer engages in any of the activities set forth in subsection (1) of this section.