2006 Nebraska Revised Statutes - § 44-220 — Domestic company; power to borrow; purposes; conditions; issuance of surplus notes.

Section 44-220
Domestic company; power to borrow; purposes; conditions; issuance of surplus notes.

In addition to the general power and authority to borrow money for its regular business purposes, any domestic insurance company may borrow money: (1) To defray the reasonable expenses of its organization; (2) to provide special contingency loss funds; (3) to provide additional surplus funds; (4) to make good any deficiency; and (5) to provide the amount of minimum surplus required by Chapter 44 and may issue its notes therefor, to be known as surplus notes, which shall fully recite the purpose for which the money was borrowed, if application has been made to the Department of Insurance and approval in writing is obtained from the Director of Insurance for the issuance of such surplus notes in a stated maximum amount. The amount thereof outstanding with the unpaid interest shall be stated in each annual report.

Source:

Laws 1913, c. 154, § 84, p. 429

R.S.1913, § 3221

Laws 1919, c. 190, tit. V, art. V, § 7, p. 610

C.S.1922, § 7820

C.S.1929, § 44-407

Laws 1941, c. 83, § 1, p. 330

C.S.Supp.,1941, § 44-407

R.S.1943, § 44-220

Laws 1949, c. 143, § 1, p. 368

Laws 1965, c. 256, § 1, p. 723

Laws 1989, LB 92, § 66

Laws 1994, LB 1222, § 48

~Reissue Revised Statutes of Nebraska