Nebraska LB325 modifies board of directors' qualifications for insurance corporations.
Nebraska LB325 amends the qualifications and requirements for the board of directors of an insurance corporation. It specifies that the board must consist of at least five persons, with at least one being a resident of Nebraska. The bill also allows for a waiver of this requirement if certain criteria are met, such as the corporation being a publicly traded company or having been domiciled in Nebraska for at least twenty-five years. The waiver is valid for five years and can be renewed if the corporation continues to meet the criteria.
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