§3313. Proxies

Link to law: http://legislature.vermont.gov/statutes/section/08/101/03313
Published: 2015

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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).)
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