2006 Nebraska Revised Statutes - § 44-5510 — Insurance; procurement from nonadmitted insurer; when; terms and conditions.

Section 44-5510
Insurance; procurement from nonadmitted insurer; when; terms and conditions.

If an applicant for insurance is unable to procure such insurance as he or she deems reasonably necessary to insure a risk or exposure from an admitted insurer, such insurance may be procured from a nonadmitted insurer upon the following terms and conditions:

(1) The insurance shall be procured from a surplus lines licensee;

(2) The insurance procured shall not include any insurance described in subdivisions (1) through (4) of section 44-201;

(3) Not later than thirty days after the effective date of such insurance, the insured shall provide, in writing, his or her permission for such insurance to be written in a nonadmitted insurer and his or her acknowledgment that, in the event of the insolvency of such insurer, the policy will not be covered by the Nebraska Property and Liability Insurance Guaranty Association; and

(4) Compliance with section 44-5511.

Source:

Laws 1978, LB 836, § 8

Laws 1989, LB 92, § 35

R.S.Supp.,1990, § 44-147.02

Laws 1992, LB 1006, § 10

Cross References:

Nebraska Property and Liability Insurance Guaranty Association,see section 44-2404.

~Reissue Revised Statutes of Nebraska