44-7514 Policy form approval requirements applying to multistate commercial risks; exemption. - Nebraska Statutes

44-7514. Policy form approval requirements applying to multistate commercial risks; exemption.(1) The director shall adopt and promulgate rules and regulations to provide that the policy form approval requirements set forth in section 44-7513 shall not apply to policies written for individual commercial risks that are headquartered in another state or jurisdiction. To determine whether a commercial risk is headquartered in this state, such rules and regulations shall primarily consider where the largest number of the officers and senior management are physically located.(2) Policy forms for commercial risks exempted by the rules and regulations adopted and promulgated pursuant to subsection (1) of this section may include language that conflicts with sections 44-357, 44-358, and 44-501.02. If a conflict results between a policy form and the requirements of such sections, such sections shall apply.(3) Policy forms for commercial risks exempted by the rules and regulations adopted and promulgated pursuant to subsection (1) of this section may include language that conflicts with sections 44-349, 44-350, 44-501, 44-514 to 44-518, 44-520 to 44-523, and 44-6408 and the provision of section 44-601 that prohibits policies with a term longer than five years. If a conflict results between a policy form and the requirements of any of these sections, the language in the policy form shall apply to the extent that it is inconsistent with such sections.(4) Except as set forth in subsections (2) and (3) of this section, the rules and regulations adopted and promulgated pursuant to this section shall require that policy forms exempted from policy form approval requirements do not violate any law of this state. SourceLaws 2000, LB 1119, § 14.