S.F. _____ Section 1. Section 518.7, Code 2023, is amended to read as 1 follows: 2 518.7 Officers and directors —— election. 3 Officers or directors shall be elected in the manner and for 4 the length of time prescribed in the articles of incorporation. 5 The same person shall not simultaneously hold the offices of 6 president and secretary. A director shall be a member of the 7 association unless otherwise approved by the commissioner . 8 Sec. 2. Section 518A.6, Code 2023, is amended to read as 9 follows: 10 518A.6 Officers —— election. 11 Officers or directors shall be elected in the manner and for 12 the length of time prescribed in the articles of incorporation 13 or bylaws. The same person shall not simultaneously hold 14 the offices of president and secretary. A director shall be 15 a member of the association unless otherwise approved by the 16 commissioner . 17 Sec. 3. EFFECTIVE DATE. This Act, being deemed of immediate 18 importance, takes effect upon enactment. 19 EXPLANATION 20 The inclusion of this explanation does not constitute agreement with 21 the explanation’s substance by the members of the general assembly. 22 This bill relates to the election of directors for county and 23 state mutual insurance associations. 24 Under current law, to be elected as a director of either a 25 county or state mutual insurance association, an individual 26 must be a member of the county or the state mutual insurance 27 association. 28 The bill allows the commissioner of insurance to approve the 29 election of an individual as a director of either a county or 30 state mutual insurance association if the individual is not a 31 member of the county or the state mutual insurance association. 32 The bill is effective upon enactment. 33 -1- LSB 2512XC (1) 90 ko/rn 1/ 1