This bill amends section 44-211 of the Reissue Revised Statutes of Nebraska, which governs the qualifications and requirements for the board of directors of insurance corporations. The bill stipulates that the board must consist of at least five members, with at least one being a resident of Nebraska, unless the corporation meets specific criteria that allow for a five-year exemption from this requirement. To qualify for this exemption, the corporation must file an affidavit confirming that it has been domiciled in Nebraska for at least 25 years, employs over 500 individuals in the state, and meets other conditions related to its corporate structure and governance.

Additionally, the bill introduces stricter qualifications for directors, stating that individuals convicted of a felony are prohibited from serving on the board, and all directors must possess good moral character and relevant professional experience. It also clarifies that at least one-fifth of the directors must not be officers or employees of the company. The original section 44-211 is repealed, and the new provisions are established to enhance the governance and accountability of insurance corporations in Nebraska.

Statutes affected:
Introduced: 44-211