§ 27-1-28 - Proxies, consents, and authorizations in respect to any equity security issued by a domestic insurer. - Rhode Island Statutes

SECTION 27-1-28

   § 27-1-28  Proxies, consents, andauthorizations in respect to any equity security issued by a domestic insurer.– (a) The commissioner may by regulations prescribe the form, content, and mannerof solicitation of any proxy, consent, or authorization in respect of anyequity security issued by a domestic insurer, which regulations when and ifissued and in force shall substantially conform to those prescribed by theNational Association of Insurance Commissioners.

   (b) No domestic insurer, or any director, officer, oremployee of the insurer or any other person shall solicit or permit the use ofhis or her name to solicit, by mail or otherwise, any person to give or torefrain from giving any proxy, consent, or authorization in respect of anyequity security issued by the insurer in contravention of any regulations thecommissioner may prescribe pursuant to this section.

   (c) From and after the date of issuance of any regulations bythe commissioner, every proxy, consent, or authorization, and every form ofwritten solicitation, announcement or advertisement to be used to obtain theproxy, consent, or authorization, which is intended to be used in respect ofany meeting or procedure of equity security holders of a domestic insurer andis not exempted from the operation of the regulations by its terms shall befiled with the commissioner in the manner and at the times provided by theregulations by the person intending to use the written solicitation,announcement, or advertisement. For the purposes of this section, the term"person" means an individual, a corporation, a partnership, an association, ajoint stock company, a business trust, or an unincorporated organization.

   (d) Failure to comply with any regulation of the commissionermade pursuant to this section shall be unlawful and any proxy, consent, orauthorization obtained in violation of this section or in contravention of anyregulation issued pursuant to this section shall be void. Any domestic insureror any person legally entitled to vote or to give his or her consent orauthorization with respect to the equity security, or the commissioner, mayenforce compliance with the regulations of the commissioner made pursuant tothis section by appropriate action at law or in equity; provided, that noaction shall be brought more than fifteen (15) days after the date of themeeting at which a vote, consent, or authorization was purported to have beenrecorded.