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 must be persons who are not salaried officers of the insurer.
ORS 732.305
Applied in 1 court decision — leading case Dalbeck v. Bi-Mart Corp. (2021)
Most recently applied in Dalbeck v. Bi-Mart Corp. (October 2021)
1967 c.359 §174; 1997 c.771 §18; 2007 c.433 §1
Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.