20-143. Rule-making power
A. The director may make reasonable rules necessary for effectuating any provision of this title.
B. The director shall make rules concerning proxies, consents or authorizations in respect of securities issued by domestic stock insurance companies having a class of equity securities held of record by one hundred or more persons to conform with the requirements of section 12(g)(2)(G)(ii) of the securities exchange act of 1934, as amended, and as may be amended. Such rule shall not apply to any such company having a class of equity securities which are registered or are required to be registered pursuant to section l2 of the securities exchange act of 1934, as amended, or as may be amended. Whenever such equity securities of any such company are registered or are required to be registered pursuant to section l2 of the securities exchange act of 1934, as amended, or as may be amended, then, no person shall solicit or permit the use of his name to solicit, in any manner whatsoever, any proxy, consent or authorization in respect of any equity security of such company without having first complied with the rules prescribed by the securities and exchange commission pursuant to section 14 of the securities exchange act of 1934, as amended, or as may be amended.
C. All rules made pursuant to this section shall be subject to title 41, chapter 6.
D. In addition to any other penalty provided, wilful violation of any rule made by the director is a violation of this title.
Section: Previous 20-119 20-120 20-121 20-122 20-123 20-141 20-142 20-143 20-144 20-145 20-146 20-147 20-148 20-149 20-150 NextLast modified: October 13, 2016