2006 Nebraska Revised Statutes - § 44-319.07 — Securities; exchange; withdrawal; approval of director.

Section 44-319.07
Securities; exchange; withdrawal; approval of director.

The depositing insurer or assessment association may, from time to time, exchange for the deposited securities, or any of them, other securities eligible for deposit if the aggregate value of such deposit will not thereby be reduced below the amount required by sections 44-319.01 to 44-319.13. Upon application of the depositing insurer or assessment association, the director may approve the withdrawal of securities which are in excess of the amount required by sections 44-319.01 to 44-319.13. Insurers and assessment associations may, upon an application approved by the director, withdraw all or any part of the securities so deposited upon good cause therefor being shown. Securities so withdrawn shall, except if withdrawn as the result of a merger, consolidation, or total reinsurance, be used to pay excess losses only and shall be restored within such time and under such conditions as the director may direct by order.

Source:

Laws 1955, c. 174, § 7, p. 500

~Reissue Revised Statutes of Nebraska