ONE HUNDRED NINTH LEGISLATURE - FIRST SESSION - 2025
COMMITTEE STATEMENT
LB325
Hearing Date: Tuesday February 11, 2025
Committee On: Banking, Commerce and Insurance
Introducer: Jacobson
One Liner: Change provisions relating to qualifications and requirements for the board of directors of an
insurance corporation
Roll Call Vote - Final Committee Action:
Advanced to General File
Vote Results:
Aye: 8 Senators Bostar, Dungan, Hallstrom, Hardin, Jacobson, Riepe,
Wordekemper, von Gillern
Nay:
Absent:
Present Not Voting:
Testimony:
Proponents: Representing:
Senator Mike Jacobson Opening Presenter
Tyler Tigges Great West Casualty Company
R. Scott Rager Old Republic Insurance Corporation
Opponents: Representing:
Neutral: Representing:
* ADA Accommodation Written Testimony
Summary of purpose and/or changes:
LB 325 amends Neb. Rev. Stat. § 44-211 creating an exception to the general requirement that at least one director
on the board of directors of an insurance corporation be a resident of the State of Nebraska. To qualify for the
exemption, the insurance corporation must file a written affidavit with the Nebraska Department of Insurance stating
the following:
1. The insurance corporation's principal corporate executive offices are located within the State of Nebraska;
2. The insurance corporation is a publicly traded corporation on a federally governed stock exchange or is a wholly
owned affiliate of such a publicly traded corporation;
3. The insurance corporation has been domiciled in the State of Nebraska for at least 25 years;
Committee Statement: LB325
Banking, Commerce and Insurance Committee
Page 1 4188d8bed88266cbe794332e5a254fa9 4. The insurance corporation employs more than 500 employees who are employed in Nebraska and subject to the
Nebraska income tax on compensation received from the insurance corporation; and
5. The ultimate controlling entity of the insurance corporation, as defined by the department, has not changed in 10
years.
Insurance corporations would be required to file the affidavit every 5 years to maintain the exemption. The bill also
includes example language to use in the affidavit, states what insurance corporations must do if at any time they don’t
meet all requirements, and it makes some non-substantive clean up language changes to the statute.
Mike Jacobson, Chairperson
Committee Statement: LB325
Banking, Commerce and Insurance Committee
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