Nebraska § 44-4905 - Managing general agent; prohibited acts.
Full text of Nebraska Revised Statutes of Nebraska § 44-4905 — Managing general agent; prohibited acts., with citation guidance and answers to common questions.
§ 44-4905. Managing general agent; prohibited acts.
The managing general agent shall not:
(1) Bind reinsurance or retrocessions on behalf of the insurer, except that the managing general agent may bind facultative reinsurance contracts pursuant to obligatory facultative agreements if the contract with the insurer contains reinsurance underwriting guidelines, including, for both reinsurance assumed and ceded, a list of reinsurers with which such automatic agreements are in effect, the coverages and amounts or percentages that may be reinsured, and commission schedules;
(2) Commit the insurer to participate in insurance or reinsurance syndicates;
(3) Appoint any agent or broker without assuring that the agent or broker is lawfully licensed to transact the type of insurance for which he or she is appointed;
(4) Without prior approval of the insurer, pay or commit the insurer to pay a claim over a specified amount, net of reinsurance, which shall not exceed one percent of the insurer's policyholders surplus as of December 31 of the last-completed calendar year;
(5) Collect any payment from a reinsurer or commit the insurer to any claim settlement with a reinsurer without prior approval of the insurer. If prior approval is given, a report shall be promptly forwarded to the insurer;
(6) Permit subagents or subbrokers of the insurer appointed by the managing general agent to serve on the insurer's board of directors;
(7) Jointly employ an individual who is employed by the insurer; or
(8) Appoint a submanaging general agent.
Frequently Asked Questions About Nebraska § 44-4905
What does Revised Statutes of Nebraska § 44-4905 cover?
Section 44-4905 ("Managing general agent; prohibited acts.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 44-4905?
A common citation format is "Revised Statutes of Nebraska § 44-4905" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 44-4905 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.