§ 10-3-121 — Regulation of proxies, consents, or authorizations

Colorado § 10-3-121

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) The
purpose of this section is to regulate the solicitation of proxies, consents, or
authorizations by domestic stock insurers having one hundred or more stockholders
of record in accordance with the intent of congress as expressed in the Securities
Acts Amendments of 1964, by declaring unlawful certain solicitation practices and
providing for the regulation thereof.

(2) No person shall, in contravention of such rules and regulations as the
commissioner may prescribe as necessary or appropriate in the public interest or
for the protection of investors, solicit, or permit the use of his name to solicit, any
proxy or consent or authorization in respect of any security of a domestic stock
insurer having one hundred or more stockholders of record.

(3) Unless proxies, consents, or authorizations in respect of a security of a
domestic stock insurer are solicited by or on behalf of the management of the
insurer from the holders of record of such security in accordance with the rules and
regulations prescribed under subsection (2) of this section, prior to any annual or
other meeting of the holders of such security, such insurer shall, in accordance with
the rules and regulations prescribed by the commissioner, file with the
commissioner and transmit to all holders of record of such security information
substantially equivalent to the information which would be required to be
transmitted if a solicitation were made.

(4) This section is applicable to all domestic stock insurers having one
hundred or more stockholders of record; except that this section shall not apply to
any insurer if ninety-five percent or more of its stock is owned or controlled by a
parent or an affiliated insurer and the remaining shares are held by less than five
hundred stockholders. A domestic stock insurer that files with the securities and
exchange commission forms of proxies, consents, and authorizations complying
with the requirements of the federal Securities Exchange Act of 1934, as
amended, is exempt from the provisions of this section.

(5) The term person as used in this section includes a natural person,
corporation, partnership, and association.

(6) Repealed.

Legislative History

Source: L. 65: p. 763, � 1. C.R.S. 1963: � 72-2-18. L. 95: Entire section repealed, p. 196, � 8, effective April 13; entire section RC&RE, p. 718, � 2, effective May 23. L. 96: (6) repealed, p. 95, � 2, effective March 25. L. 2008: (4) amended, p. 1880, � 11, effective August 5.