Nebraska Life and Health Insurance Guaranty Association Act Law and Legal Definition
Nebraska Life and Health Insurance Guaranty Association Act is a Nebraska state legislature that aims to protect resident insurance policy holders or its beneficiaries against an insurer’s failure to perform the contractual obligation.
To provide this protection, an association of insurers is created to enable the guaranty of payment of benefits. Members of the association make an assessment to provide funds to carry out the purposes of the Act.
The following is the Nebraska state statute explaining the purpose of this Act :
R.R.S. Neb. § 44-2701 states that purpose of the Nebraska Life and Health Insurance Guaranty Association Act is to protect resident policy owners, insured, including certificate holders under group insurance policies or contracts, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts of member insurers, subject to certain limitations, against failure in the performance of contractual obligations due to the impairment or insolvency of the member insurer issuing such policies or contracts and to assist in the detection and prevention of insurer insolvencies.
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