Nebraska Statutes 44-224.06. Domestic assessment association; bulk reinsurance; contract
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Any domestic assessment association, which has accumulated and maintains the same reserve for liabilities that is required of a mutual company transacting the same kind or kinds of business, and which has a surplus or contingency funds equal to, or in excess of the surplus required of a mutual company transacting the same kind or kinds of business, may in any contract of reinsurance or bulk reinsurance, agree to limit its assessments to the premium stated in the policies issued by the ceding company.
Terms Used In Nebraska Statutes 44-224.06
- Assessment association: shall mean a company that meets its losses and expenses from assessment levied upon its members. See Nebraska Statutes 44-103
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Contract: A legal written agreement that becomes binding when signed.
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mutual company: shall mean a company without capital stock that charges a fixed premium and is required to maintain the same reserve as a stock company. See Nebraska Statutes 44-103
- 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