Nebraska Statutes 44-4225. Board; report; ComprehensiveHealth Insurance Pool Distributive Fund; created; use; investment; director;funding powers
(1) Following the close of each calendar year, the board shall report the board’s determination of the paid and incurred losses for the year, taking into account investment income and other appropriate gains and losses. The board shall distribute copies of the report to the director, the Governor, and each member of the Legislature. The report submitted to each member of the Legislature shall be submitted electronically.
Terms Used In Nebraska Statutes 44-4225
- Board: means the Board of Directors of the pool. See Nebraska Statutes 44-4206
- Director: means the Director of Insurance. See Nebraska Statutes 44-4208
- Health insurance: means any hospital, surgical, or medical expense-incurred policy or health maintenance organization contract. See Nebraska Statutes 44-4209
- Member: means any insurer participating in the pool. See Nebraska Statutes 44-4212
- Net loss: means the excess of incurred claims plus expenses over the sum of written and renewed premiums and other appropriate revenue. See Nebraska Statutes 44-4213
- Pool: means the Comprehensive Health Insurance Pool. See Nebraska Statutes 44-4215
- 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
(2) The Comprehensive Health Insurance Pool Distributive Fund is created. Commencing with the premium and related retaliatory taxes for the taxable year ending December 31, 2001, and for each taxable year thereafter, any premium and related retaliatory taxes imposed by section 44-150 or 77-908 paid by insurers writing health insurance in this state, except as otherwise set forth in subdivisions (1) and (2) of section 77-912, shall be remitted to the State Treasurer for credit to the fund. The fund shall be used for the operation of and payment of claims made against the pool. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.
(3) The board shall make periodic estimates of the amount needed from the fund for payment of losses resulting from claims, including a reasonable reserve, and administrative, organizational, and interim operating expenses and shall notify the director of the amount needed and the justification of the board for the request.
(4) The director shall approve all withdrawals from the fund and may determine when and in what amount any additional withdrawals may be necessary from the fund to assure the continuing financial stability of the pool.
(5) No later than May 1, 2002, and each May 1 thereafter, after funding of the net loss from operation of the pool for the prior premium and related retaliatory tax year, taking into account the policyholder premiums, account investment income, claims, costs of operation, and other appropriate gains and losses, the director shall transmit any money remaining in the fund as directed by section 77-912, disregarding the provisions of subdivisions (1) through (3) of such section. Interest earned on money in the fund shall be credited proportionately in the same manner as premium and related retaliatory taxes set forth in section 77-912.