On Apr. 8, NEB LEG approved bill re INS corporation board of directors
NEB LEG approved Bill LB 325 re qualifications and requirements for the board of directors of an insurance corporation, aims to lessen director residency requirements.
Provisions amended revised statutes of Nebraska, NEB INS 44-211 on incorporators.
Insurance Board of Directors
Provisions lessen the statutory requirement that at least one director on the board be a resident of Nebraska, corporations seeking exemptions must provide an affidavit.
Affidavit must prove the corporations' strong ties to the State of Nebraska, and must include corporation's employment and controlling entity data and is valid for 5 years.
An insurance corporation may file a new affidavit upon the expiration of 5 year period.
If anything changes within 5 years that affects compliance, written notice is required.
Legislative History
On Jan. 16, 2025, bill introduced in legislative; on Apr. 3, 2025, bill passed legislature.
On Apr. 3, 2025, bill sent to the governor; on Apr. 8, 2025, bill approved by governor.
Effectiveness
Bills without emergency clauses/effective dates specified in bill become law 3 calendar months after legislative session ends; expected to adjourn Jun. 9, 2025, so Sep. 9.
