44-213.03. Employee benefit plans; modification; procedure.

No modifications of or amendments to any plan for retirement, disability, sickness, accident, or death benefits of any domestic insurance company shall be effective until and unless such modifications or amendments are adopted and approved by a two-thirds vote of the members of the board of directors present at the meeting. All modifications of or amendments to any plan providing benefits upon or after retirement must also be filed with and approved by the Director of Insurance. Such modifications or amendments may provide for increased benefits for retired members if such increase meets the standards required in section 44-213.02, and in the rules and regulations adopted thereunder. All such modifications or amendments shall comply with the provisions of sections 44-213 to 44-213.07 and the Director of Insurance shall review all plans providing benefits upon or after retirement in their entirety and the effect on such plans of such modifications or amendments when considering the same for approval.

Source:Laws 1953, c. 146, § 4, p. 472; Laws 1957, c. 176, § 3, p. 609; Laws 1967, c. 264, § 2, p. 707; Laws 1975, LB 374, § 2.