2006 Nebraska Revised Statutes - § 44-4414 — Guaranty fund; membership; coverage.
Section 44-4414Guaranty fund; membership; coverage.
(1) A risk retention group shall not join or contribute financially to any insurance insolvency guaranty fund or similar mechanism in this state nor shall any risk retention group or its insureds receive any benefit from any such fund for claims arising out of operations of such risk retention group.
(2) When a purchasing group obtains insurance covering its members' risks from an insurer not admitted in this state or a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance insolvency guaranty fund or similar mechanism in this state.
(3) When a purchasing group obtains insurance covering its members' risks from an insurer admitted in this state, only risks resident or located in this state shall be covered by the Nebraska Property and Liability Insurance Guaranty Association Act.
Source:
- Laws 1987, LB 514, § 14
Laws 1991, LB 236, § 53
- Nebraska Property and Liability Insurance Guaranty Association Act,see section 44-2418.
~Reissue Revised Statutes of Nebraska
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