Nebraska Administrative Code
Topic - INSURANCE, DEPARTMENT OF
Title 210 - NEBRASKA DEPARTMENT OF INSURANCE
Chapter 80 - SYNTHETIC GUARANTEED INVESTMENT CONTRACTS
Section 210-80-009 - Unilateral Contract Terminations
Universal Citation: 210 NE Admin Rules and Regs ch 80 ยง 009
Current through September 17, 2024
009.01 A contract subject to this regulation shall allow the insurer to unilaterally and immediately terminate, without future liability of the insurer or obligation to provide further benefits, upon the occurrence of any one of the following events that is material and that is not cured within thirty (30) days following the insurer's discovery of it:
009.01A The
investment guidelines are changed without the advance consent of the insurer
and the investment manager is not controlling, controlled by or under common
control with the insurer;
009.01B
The segregated portfolio, if managed by an entity that is not controlling,
controlled by or under common control with the insurer, is invested in a manner
that does not comply with the investment guidelines;
009.01C Investment discretion over the
segregated portfolio is exercised by or granted to anyone other than the
investment manager without the approval of the insurer; or
009.01D Any act of fraud, misrepresentation
of material facts, deceit or any other unauthorized action of the contract
holder that has a material adverse affect on the insurer.
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