The board has broad power to run the health insurance pool, including contracts, rates, policies, borrowing, and reinsurance.
The board shall have the general powers and authority granted under the laws of this state to insurance companies licensed to transact the business of health insurance and, in addition thereto, the power to carry out the provisions and purposes of the Comprehensive Health Insurance Pool Act, including the specific authority to: (1)(a) Enter into contracts as are necessary or proper, including the authority, with the approval of the director, to enter into contracts with similar pools from other states for the joint performance of common administrative functions or with persons or other organizations for the performance of administrative functions; and (b) Enter into contracts, with the approval of the director, with any physician, hospital, or other person licensed or otherwise authorized in this state to furnish health care services for participating in an insurance arrangement as defined in section 44-4104; (2) Sue or be sued, including taking any legal actions necessary or proper for recovery of any assessments for, on behalf of, or against members; (3) Take such legal action as necessary to avoid the improper issuance of pool coverage; (4) Subject to the requirements of section 44-4227, establish appropriate rates and rate schedules, expense allowances, agents' solicitation and referral fees, claim reserves and formulas, and any other actuarial functions appropriate to the operation of the pool; (5) Issue policies of insurance in accordance with the requirements of the plan of operation and the act and, with the approval of the director, refuse to renew all policy forms for a class of contract and offer a conversion privilege to any covered individual; (6) Appoint from among members appropriate legal, actuarial, and other committees as necessary to provide technical assistance in the operation of the pool, the policy and other contract design, and any other function within the authority of the pool; (7) Borrow money to effectuate the purposes of the act. Any notes or other evidence of indebtedness of the pool not in default shall be legal investment for insurers and may be carried as admitted assets; and (8) Enter into reinsurance agreements and establish rules, conditions, and procedures for reinsuring risks under the act. History: Laws 1985, LB 391, § 20; Laws 1989, LB 279, § 7; Laws 1990, LB 1136, § 105; Laws 1992, LB 1006, § 34; Laws 2000, LB 1253, § 23.