NE LB325

Creates a 5-year exemption from the Nebraska residency requirement for insurance corporation board directors when companies file an affidavit with the Department of Insurance certifying they meet specific criteria

Qualifying criteria for the exemption include: principal offices in Nebraska, publicly traded status (or wholly owned affiliate), domiciled in Nebraska for at least 25 years, employing more than 500 Nebraska workers, and no change in ultimate controlling entity for 10 years

Requires companies losing eligibility during the 5-year period to notify the department and appoint a Nebraska-resident director within 6 months

Changes the prohibition on felony convictions for directors from mandatory ("shall not") to permissive ("may not")

Approved by the Governor on April 7, 2025, and introduced by Senator Jacobson of District 42