The director may petition the district court of Lancaster County for an order directing him or her to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis: (1) Of any ground for an order of rehabilitation as specified in section 44-4812 whether or not there has been a prior order directing the rehabilitation of the insurer; (2) That the insurer is insolvent; or (3) That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its insureds or creditors or the public.
Neb. Rev. Stat. § 44-4817
Grounds for liquidation
Applied in 2 court decisions — leading case Nebraska ex rel. Wagner v. J.A. Jones Construction Co. (2002)
Most recently applied in 245 F. Supp. 2d 1038 - In Re Amwest Sur. Ins. Co. (October 2002)
Laws 1989, LB 319, § 17; Laws 1991, LB 236, § 72.
Official source: Nebraska Legislature. Reproduced from public-domain Nebraska statutes; confirm against the official source for the current text. Not legal advice.