Nebraska Statutes 44-360. Insurance companies; agreements affecting rates or lessening competition; prohibited; appeal
If any insurance company authorized to transact business in this state or any agent or representative thereof shall, either within or outside this state, directly or indirectly, enter into any contract, understanding, or combination with any other insurance company, agent, or representative thereof or with any association of such companies or agents, for the purpose of controlling the rates to be charged for insuring any risk or class or classes of risks in this state or for the purpose of, or that may have the tendency or effect of, preventing or lessening lawful competition in the transaction of the business of insurance in this state, the Department of Insurance shall forthwith revoke its license and the licenses of its agents, and no renewal of the license shall be granted until after the expiration of one year from the date of final revocation. An appeal may be taken from the decision of the department, and the appeal shall be in accordance with the Administrative Procedure Act.
Terms Used In Nebraska Statutes 44-360
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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.
- Department: shall mean the Department of Insurance. See Nebraska Statutes 44-103
- 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
- Year: shall mean calendar year. See Nebraska Statutes 49-801