44-5114. Prohibited investments.An insurer shall not invest in:(1) Issued shares of its own capital stock except with the written permission of the director. Such permission may be granted if the purpose of the acquisition is:(a) In connection with the lawful plan for mutualization of the insurer;(b) In furtherance of a retirement, pension, or incentive program for officers or employees of the insurer which has been approved by the shareholders; or(c) Shown to be for the benefit of all shareholders.Any share acquired pursuant to this subdivision shall not be considered an admitted asset; and(2) Any investment which is found by the director to be designed to evade any provision of the Insurers Investment Act.Source Laws 1991, LB 237, § 14.
Nebraska Legal Code