Rule 74: Self-Insurance — Excess Insurance

A. Specific excess workers’ compensation insurance shall be required of each approved self-insurer. Aggregate excess insurance may be required as a condition of approval to self-insure, at the discretion of the court. Political subdivisions with either unlimited rate making authority or having taxing authority with a tax base of at least $2,500,000,000 and with a general obligation bond rating from Standard & Poor or Moody’s Investor Service of “A” or better may, at the discretion of the court, be excluded from this requirement.

B. The specified upper limit of excess workers’ compensation coverage must be “statutory” and the retention amounts must be approved by the court.

C. Each excess workers’ compensation policy must be issued by a corporation, association, or organization authorized and licensed by the Nebraska Department of Insurance to transact the business of workers’ compensation insurance in this state.

D. All excess workers’ compensation policy forms and endorsements must be filed with and approved by the Nebraska Department of Insurance. The Nebraska Amendatory Endorsement is required for all excess workers’ compensation policies.

E. Excess workers’ compensation policies may not include deductible provisions or deductible endorsements.

F. An exact copy of each excess workers’ compensation policy must be filed with the court, in its entirety, including any endorsements, amendments, and schedules.