Nebraska Statutes 44-1986. Single risk limit
(1) The net retained liability of a title insurer for a single risk in regard to property, whether assumed directly or as reinsurance, shall not exceed the aggregate of fifty percent of surplus as regards policyholders plus the statutory premium reserve less the title insurer’s investment in title plants, all as shown on the most recent annual statement of the title insurer on file with the director.
Terms Used In Nebraska Statutes 44-1986
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Reinsurance: shall mean a contract by which an insurer procures a third party to insure it against loss or liability by reason of such original insurance. See Nebraska Statutes 44-103
(2) For purposes of the Title Insurers Act:
(a) A single risk shall be the insured amount of any title insurance policy, except that when two or more title insurance policies are issued simultaneously covering different estates in the same real property, a single risk shall be the sum of the insured amounts of all the title insurance policies; and
(b) A title insurance policy under which a claim payment reduces the amount of title insurance under one or more other title insurance policies shall be included in computing the single risk sum only to the extent that its amount exceeds the aggregate amount of the title insurance policy or policies whose amount of title insurance is reduced.