44-409. Domestic sickness and accident insurance companies; assets and liabilities.

In ascertaining the condition of a domestic sickness and accident insurance company, it shall be allowed as assets only such investments, cash, and accounts as are authorized by the laws of this state at the date of the examination. In ascertaining its liabilities, there shall be charged, in addition to the capital stock and all outstanding claims, a sum equal to the total unearned premium on the policies in force, after deducting credit for reinsurance authorized by sections 44-416.05 to 44-416.10, calculated on the gross sum without any deductions on any account, charged to the policyholder on each respective risk from the date of the issuance of the policy.

Source:Laws 1913, c. 154, § 96, p. 439; R.S.1913, § 3233; Laws 1919, c. 190, tit. V, art. VI, § 4, p. 619; C.S.1922, § 7832; C.S.1929, § 44-504; R.S.1943, § 44-409; Laws 1949, c. 149, § 1, p. 375; Laws 1965, c. 263, § 1, p. 747; Laws 1981, LB 330, § 2; Laws 1985, LB 299, § 8; Laws 2000, LB 930, § 3; Laws 2005, LB 119, § 7.

Annotations

A mutual insurance company is required to provide reserve fund. Western Life & Accident Co. v. State Ins. Board, 101 Neb. 152, 162 N.W. 530 (1917).