Modifies the minimum number of directors for insurance entities from nine to five

Summary

HB 1615 proposes changing state law so that insurance corporations, mutual insurers, and similar entities can be governed by as few as five directors instead of the current minimum of nine. The change would apply to all types of insurance entities that are subject to the statutes cited in the bill. Reducing the board size could make it easier for smaller insurers to meet corporate governance requirements.

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