Nebraska Statutes 44-120. Domestic company; capital stock; impairment; notice to shareholders
Whenever it appears to the Department of Insurance from any proper showing or from any examination made that the capital stock of any domestic stock insurance company is impaired or that its assets are insufficient to justify its continuance in business, the department, in lieu of proceeding immediately in the manner authorized by the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act, may at once determine the amount of such impairment or deficiency and thereupon issue a written notice to the company requiring its shareholders to make good the amount of the impairment or deficiency with cash or authorized investments or to reduce its capital stock, not below statutory requirements, within a reasonable time not to exceed ninety days from the service of the notice.
Terms Used In Nebraska Statutes 44-120
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Continuance: Putting off of a hearing ot trial until a later time.
- Department: shall mean the Department of Insurance. See Nebraska Statutes 44-103
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801