State Codes and Statutes

State Codes and Statutes

Statutes > Nebraska > Chapter44 > 44-4851

44-4851. Liquidation of property of foreign or alien insurers.(1) If no domiciliary receiver has been appointed, the director may apply to the district court of Lancaster County by verified petition for an order directing him or her to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state on any of the following grounds:(a) Any of the grounds in section 44-4812 or 44-4817; or(b) Any of the grounds specified in subdivisions (1)(b) through (d) of section 44-4850.(2) When an order is sought under subsection (1) of this section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.(3) If it appears to the court that the best interests of insureds, creditors, and the public require, the court may issue an order to liquidate in whatever terms it deems appropriate. The filing or recording of the order with the clerk of the district court or the register of deeds of the county in which the principal business of the company is located or the county in which its principal office or place of business is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that register of deeds would have imparted.(4) If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under section 44-4853. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under section 44-4853.(5) On the same grounds as are specified in subsection (1) of this section, the director may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction or any lesser part thereof that the director deems desirable for the protection of the insureds and creditors in this state.(6) The court may order the director, when he or she has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act as are otherwise compatible with the provisions of this section. SourceLaws 1989, LB 319, § 51; Laws 1991, LB 236, § 82.