210 Neb. Admin. Code, ch. 80, § 009 - Unilateral Contract Terminations

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.

Notes

210 Neb. Admin. Code, ch. 80, § 009