74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
 
                            Enrolled
 
                         Senate Bill 603
 
Sponsored by Senator NELSON; Senators BROWN, WESTLUND,
  Representatives BARKER, KRIEGER, KRUMMEL, SHIELDS
 
 
                     CHAPTER ................
 
 
                             AN ACT
 
 
Relating to requirements for directors for domestic insurers;
  creating new provisions; amending ORS 732.305; and declaring an
  emergency.
 
Be It Enacted by the People of the State of Oregon:
 
  SECTION 1. ORS 732.305 is amended to read:
  732.305.   { - The number of directors of a domestic insurer
shall be not fewer than five. Directors need not be shareholders
or members of the insurer unless the articles of incorporation so
require but shall be 21 years of age or older. Not fewer than
five directors or one-third of the directors, whichever is fewer,
shall be residents of this state. - }  { +  A domestic insurer
may not have fewer than five directors. A director need not be a
shareholder or member of the insurer unless the articles of
incorporation so require, but a director must be 21 years of age
or older. At least five or one-quarter of the directors,
whichever is fewer, must be residents of this state. + } A
majority of directors   { - shall - }  { +  must + } be persons
who are not salaried officers of the insurer.
  SECTION 2.  { + The amendments to ORS 732.305 by section 1 of
this 2007 Act apply to domestic insurers in operation on or after
the effective date of this 2007 Act. + }
  SECTION 3.  { + This 2007 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2007 Act takes effect on its
passage. + }
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Enrolled Senate Bill 603 (SB 603-INTRO)                    Page 1
 
 
 
 
 
Passed by Senate April 12, 2007
 
 
      ...........................................................
                                              Secretary of Senate
 
      ...........................................................
                                              President of Senate
 
Passed by House May 31, 2007
 
 
      ...........................................................
                                                 Speaker of House
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled Senate Bill 603 (SB 603-INTRO)                    Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2007
 
Approved:
 
......M.,............., 2007
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2007
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled Senate Bill 603 (SB 603-INTRO)                    Page 3