44-2830 Excess Liability Fund; surcharge, adjusted; when; reinsurance; effect. - Nebraska Statutes

44-2830. Excess Liability Fund; surcharge, adjusted; when; reinsurance; effect.If the fund shall exceed the sum of four million five hundred thousand dollars at the end of any calendar year after the payment of all claims and expenses and after adding all reversions to the fund, and if no reinsurance is involved, the director shall reduce the surcharge required by section 44-2829 in order to maintain the fund at an approximate level of five million dollars. Beginning on January 1, 1985, and on January 1 of each succeeding year, the director shall adjust the amount of the surcharge to maintain the fund at a level which is sufficient to pay all anticipated claims for the next year and to maintain an adequate reserve for future claims. Prior to making such an adjustment, the director shall conduct a public hearing concerning the proposed adjustment and shall give due regard to the size of the existing fund, the number and size of potential claims against the fund, the number of participating providers, changes in the cost of living, and sound actuarial principles. If the fund is reinsured, the director shall determine a lesser level at which the fund shall be maintained because of the reinsurance carried and may reduce the surcharge to provide for the reinsurance and maintain the fund at the lesser level determined by him or her to be reasonable under the circumstances. SourceLaws 1976, LB 434, § 30; Laws 1984, LB 692, § 11.