§ 23-69-122 — Proxies - Stock insurers

(a) Every proxy of a stockholder of an insurer shall be revocable at will, and this provision cannot be waived. (b) The revocation of a proxy shall not be effective until notice thereof has been given to the secretary of the insurer. (c) The Insurance Commissioner shall have the authority to: (1) Regulate the solicitation of proxies by any person; (2) Require the disclosure of information deemed relevant to an understanding of issues and matters with respect to which proxies are, or are proposed to be, solicited; (3) Specify general requirements as to form and contents of proxies; (4) Determine the length of time for which proxies may be effective unless sooner revoked; (5) Prohibit solicitations of proxies which do not comply with such rules as the commissioner may issue hereunder, or as to which disclosures required by the rules are not made; (6) Prohibit the making or use of false or misleading statements or the distribution of any false or misleading material with respect to the solicitation of any proxy or with respect to any election or election contest; and (7) Issue such other rules respecting proxies and elections as the commissioner may deem necessary or appropriate in the public interest or for the protection of stockholders of insurers. (d) Rules issued by the commissioner under authority of this section shall be made or amended as provided in § 23-61-108 . (e) Insofar as may be practical, rules and regulations with respect to proxies, consents, or authorizations then currently approved or formulated by the National Association of Insurance Commissioners, or its successor organization, shall be followed.

Legislative History

Amended by Act 2019, No. 315,§ 2684, eff. 7/24/2019. Acts 1959, No. 148, § 472; 1965, No. 459, § 1; A.S.A. 1947, § 66-4220.