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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
101
:
INSURANCE COMPANIES GENERALLY
Subchapter
001
:
FORMATION
§
3313. Proxies
(a) The
commissioner may prescribe by rules and regulations, the form, content and
manner of solicitation of any proxy, consent or authorization in respect of any
voting security issued by a domestic insurer as necessary or appropriate in the
public interest, or for protection of investors in the securities or to insure
the fair dealing in the securities.
(b) The term
"voting security" as used in this section shall mean any instrument
issued by a domestic stock insurance company which, in law or by contract,
gives the holder the right to vote, consent or authorize any corporate action
of the insurer.
(c) This section
shall not apply to voting securities of a domestic insurer if the securities
are registered pursuant to Section 12 of the Securities Exchange Act of 1934,
as amended.
(d) Any person,
domestic insurer or director, officer or employee of the insurer shall not
solicit or permit the use of his or her name to solicit, by mail or otherwise,
any person to give a proxy, consent or authorization in respect of a voting
security issued by the insurer in contravention of any rule or regulation made
under this section.
(e) Failure to
comply with any rule or regulation made under this section shall be unlawful
and any proxy or consent obtained in violation of this section or in
contravention of any rule or regulation made thereunder shall be void. Any
domestic insurer or any person who is legally entitled to vote, consent or
authorize by virtue of being the holder of record of such a security, or the
commissioner, if the other parties fail to act within 15 days after the date on
which the vote was cast or counted, may enforce compliance with any rule or
regulation made under this section, by appropriate civil action, except that no
suit shall be brought more than 30 days after the date on which the vote,
consent or authorization was to have been effected. (1967, No. 344 (Adj.
Sess.), § 1 (ch. 1, subch. 1, § 13).)
