Nebraska Statutes 44-208. Insurance companies; stock distribution and sale; compensation; limitation; statement
No domestic insurance company shall issue, cause, or allow to be issued any stock or stock subscriptions at any time upon which all expenses of distribution and sale, including promotion, commissions, and underwriting fees, exceed ten percent of the amount paid in money upon such stock or stock subscriptions. All persons incorporating a stock insurance company shall sign a statement before a notary public stating that no one person or group of persons shall receive directly or indirectly any money or securities whatsoever for promoting and organizing any such company in excess of that amount provided for in the insurance laws of this state pertaining to the promotion and organization of insurance companies, and such statement shall be filed in the office of the Department of Insurance.
Terms Used In Nebraska Statutes 44-208
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Company shall: include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- 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
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- 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