44-2404 Nebraska Property and Liability Insurance Guaranty Association; legal entity; members; functions. - Nebraska Statutes

44-2404. Nebraska Property and Liability Insurance Guaranty Association; legal entity; members; functions.There is hereby created a nonprofit unincorporated legal entity to be known as the Nebraska Property and Liability Insurance Guaranty Association. All insurers defined as member insurers in subdivision (6) of section 44-2403 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under a plan of operation established and approved pursuant to section 44-2408 and shall exercise its powers through a board of directors established by section 44-2405. For purposes of administration and assessment, the association shall be divided into three separate accounts: (a) The workers' compensation insurance account; (b) the automobile insurance account; and (c) the account for all other insurance to which the Nebraska Property and Liability Insurance Guaranty Association Act applies. SourceLaws 1971, LB 722, § 4; Laws 1974, LB 1014, § 2; Laws 1986, LB 811, § 22.