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 amended section 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 waiver of this requirement for a period of five years. These criteria include having principal corporate offices in Nebraska, being publicly traded or a wholly owned affiliate of a publicly traded corporation, being domiciled in Nebraska for at least 25 years, employing over 500 individuals in the state, and having a stable controlling entity for the past ten years. The bill also outlines the process for filing an affidavit to confirm compliance with these criteria.

Additionally, the bill introduces stricter qualifications for directors, stating that individuals convicted of a felony shall not serve on the board, and it clarifies that all directors must possess good moral character and relevant professional abilities. It also specifies that if the insurance company is a mutual company or assessment association, directors must be policyholders. The original section 44-211 is repealed, consolidating the updated provisions into the revised statute.

Statutes affected:
Introduced: 44-211
Final Reading: 44-211
Slip Law: 44-211