2006 Nebraska Revised Statutes - § 44-801 — Domestic associations; special and additional requirements; amendments to bylaws; approval of department required.
Section 44-801Domestic associations; special and additional requirements; amendments to bylaws; approval of department required.
No domestic assessment association shall begin to transact the business of insurance until (1) its bylaws, stating in detail its scheme and method of doing business, shall have been approved by the Department of Insurance; and (2) it has received one hundred or more applications for membership, and shall have received in cash the proceeds of one assessment, unless formed to insure grain elevators and contents, warehouses, coal sheds, lumber yards and flour mills, in which case there shall be not less than fifty applications for membership.
Every amendment to a bylaw, which in any manner changes the scheme or method of doing business, must be approved by the Department of Insurance before it shall take effect.
Source:
- Laws 1913, c. 154, § 124, p. 463
R.S.1913, § 3261
Laws 1919, c. 190, tit. V, art. X, § 1, p. 644
C.S.1922, § 7860
C.S.1929, § 44-901
R.S.1943, § 44-801
Laws 1957, c. 178, § 13, p. 617
- Assessments were made in conformity with statute and policyholder liable thereon. Nebraska Mutual Ins. Co. v. Borden, 132 Neb. 656, 272 N.W. 767 (1937).
~Reissue Revised Statutes of Nebraska
Disclaimer: These codes may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.