§ 26-44-112 — Injunctions; prohibitions against voting securities; sequestration of voting securities

Wyoming § 26-44-112

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 44: INSURANCE HOLDING COMPANY SYSTEM REGULATORY ACT

Text

(a) Whenever it appears to the commissioner that any
insurer or any director, officer, employee or agent of the
insurer has committed or is about to commit a violation of this
act or of any rule, regulation or order issued by the
commissioner pursuant to this act, the commissioner may apply to
the district court for the county in which the principal office
of the insurer is located or, if the insurer has no office in
this state, then to the district court for Laramie county for an
injunction.
(b) No security which is the subject of any agreement or
arrangement regarding acquisition, or which is acquired or to be
acquired, in violation of this act or of any rule, regulation or
order issued by the commissioner pursuant to this act may be
voted at any shareholder's meeting, or may be counted for quorum
purposes, and any action of shareholders requiring the
affirmative vote of a percentage of shares may be taken as
though the securities were not issued and outstanding. No action
taken at any meeting shall be invalidated by the voting of the
securities, unless the action would materially affect control of
the insurer or unless the Wyoming courts have so ordered. If an
insurer or the commissioner has reason to believe that any
security of the insurer has been or is about to be acquired in
violation of this act or of any rule, regulation or order issued
by the commissioner pursuant to this act, the insurer or the
commissioner may apply to the court for the county in which the
insurer has its principle place of business to enjoin any action
violating this act, to enjoin the voting of any security
acquired in violation of this act, to void any vote of such a
security already cast at any meeting of shareholders and for
other equitable relief.
(c) In any case where a person has acquired or is
proposing to acquire any voting securities in violation of this
act or any rule, regulation or order issued by the commissioner,
the commissioner or insurer may request the district court to
seize or sequester any voting securities of the insurer owned
directly or indirectly by the person, and issue an order
appropriate to carry out the purposes of this act.
Notwithstanding any other provisions of law, for the purposes of
this act the sites of the ownership of the securities of
domestic insurers shall be deemed to be in Wyoming.