(1) The Nebraska Life and Health Insurance Guaranty Association Act shall apply to all direct life insurance policies, health insurance policies, annuity contracts, supplemental contracts, and certificates under group policies or contracts issued anywhere by a member insurer.
(2) The Nebraska Life and Health Insurance Guaranty Association Act shall not apply to: (a) Any portion of any policy or contract referred to in subsection
(1) of this section that is not guaranteed; (b) Any such policy or contract, or any part of such policy or contract, under which the risk is borne by the policy or contract holder; (c) Any such policy or contract or part thereof assumed by the impaired insurer under a contract of reinsurance, other than reinsurance for which assumption certificates have been issued; (d) Any such policy or contract issued by: (i) A nonprofit hospital or medical service organization; (ii) A health maintenance organization unless such organization is controlled by an insurance company licensed by the Department of Insurance under Chapter 44; (iii) A fraternal benefit society; (iv) A mandatory state pooling plan; (v) An unincorporated mutual association; (vi) An assessment association operating under Chapter 44 which issues only policies or contracts subject to assessment; or (vii) A reciprocal or interinsurance exchange which issues only policies or contracts subject to assessment; or (e) Any policy or contract issued by any person, corporation, or organization which is not licensed by the Department of Insurance under Chapter 44.
