Nebraska Statutes 44-7528. Applicants unable to procure insurance; apportionment among insurers
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Insurers may agree to the equitable apportionment among them of insurance to be afforded applicants who are in good faith entitled to but who are unable to procure such insurance through ordinary methods. Such insurers may agree on the use of policy forms, rating systems, and reasonable modifications thereof for such insurance. Such agreements may include pooling arrangements or reinsurance. Such agreements, policy forms, rating systems, and modifications thereof shall be subject to the approval of the director.
Terms Used In Nebraska Statutes 44-7528
- Director: shall mean the Director of Insurance. See Nebraska Statutes 44-103
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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