Nebraska Statutes 44-6023. Foreign insurers or foreign health organization
(1) Any foreign insurer or foreign health organization shall, upon the written request of the director, submit to the director a risk-based capital report as of the end of the calendar year just ended not later than the later of:
Terms Used In Nebraska Statutes 44-6023
- Action: shall include any proceeding in any court of this state. 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
- Director: means the Director of Insurance. See Nebraska Statutes 44-6005
- Domestic: when applied to corporations shall mean all those created by authority of this state. See Nebraska Statutes 49-801
- Domestic health organization: means a health organization domiciled in this state. See Nebraska Statutes 44-6006.01
- Foreign: when applied to corporations shall include all those created by authority other than that of this state. See Nebraska Statutes 49-801
- Foreign health organization: means a health organization that is authorized to do business in this state but is not domiciled in this state. See Nebraska Statutes 44-6007.01
- Health organization: means a health maintenance organization, prepaid limited health service organization, prepaid dental service corporation, or other managed care organization. See Nebraska Statutes 44-6007.02
- Insurer: means an insurer as defined in section Nebraska Statutes 44-6008
- Risk-based capital plan: means a comprehensive financial plan containing the elements specified in subsection (2) of section Nebraska Statutes 44-6012
- Risk-based capital report: means the report required in section Nebraska Statutes 44-6013
- 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
(a) The date a risk-based capital report would be required to be filed by a domestic insurer or domestic health organization under section 44-6015 ; or
(b) Fifteen days after the request is received by the foreign insurer or foreign health organization.
Any foreign insurer or foreign health organization shall, at the written request of the director, promptly submit to the director a copy of any risk-based capital plan that is filed with the insurance commissioner of any other state.
(2) In the event of a company action level event, a regulatory action level event, or an authorized control level event with respect to any foreign insurer or foreign health organization as determined under the risk-based capital law applicable in the state of domicile of the insurer or health organization or, if no risk-based capital law is in force in that state, under the Insurers and Health Organizations Risk-Based Capital Act, if the insurance commissioner of the state of domicile of the foreign insurer or foreign health organization fails to require the foreign insurer or foreign health organization to file a risk-based capital plan in the manner specified under the risk-based capital law applicable in the state of domicile of the insurer or health organization or, if no risk-based capital law is in force in the state of domicile of the insurer or health organization, under section 44-6016, the director may require the foreign insurer or foreign health organization to file a risk-based capital plan with the director. In such event, the failure of the foreign insurer or foreign health organization to file a risk-based capital plan with the director shall be grounds to order the insurer or health organization to cease and desist from writing new insurance business in this state.
(3) In the event of a mandatory control level event with respect to any foreign insurer or foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign insurer or foreign health organization under the rehabilitation and liquidation law applicable in the state of domicile of the foreign insurer or foreign health organization, the director may make application to the district court of Lancaster County under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act with respect to the liquidation of property of foreign insurers or foreign health organizations found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.