Bill > SB1376

This bill modifies several sections of Missouri state law related to insurance company board of directors by reducing the minimum number of directors from nine to five across multiple statutes. Specifically, the bill changes provisions in sections dealing with joint stock insurance companies, mutual insurance companies, and insurance company reorganization. The changes affect how these companies can structure their boards, providing more flexibility in board composition by allowing smaller boards with as few as five directors (previously nine was the minimum) while still maintaining an upper limit of between thirteen and twenty-five directors depending on the specific type of insurance company. This adjustment may help smaller or emerging insurance companies more easily form and manage their corporate governance structures by reducing the previous requirement for a larger board. The bill repeals the existing sections of law and replaces them with new sections that incorporate these changes, ensuring that the minimum board size is consistently set at five directors across different types of insurance companies and different scenarios of corporate organization and reorganization.

Business and Industry

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=283