Section 30. Disclosure of equivalent information

Unless proxies, consents or authorizations in respect of any class of equity security of a domestic insurer subject to 14VAC5-240-10 hereof are solicited by or on behalf of the management of such insurer from the holders of record of such security in accordance with this chapter and the schedules hereunder prior to any annual or other meeting of such security holders, such insurers shall, in accordance with this chapter and such further regulations as the State Corporation Commission may adopt, file with the Commissioner of Insurance of Virginia (hereinafter referred to as "the Commissioner") and transmit to all security holders of record information substantially equivalent to the information which would be required to be transmitted if a solicitation were made. Such insurer shall transmit a written information statement containing the information specified in subsection D of 14VAC5-240-50 to every security holder who is entitled to vote in regard to any matter to be acted upon at the meeting and from whom a proxy is not solicited on behalf of the management of the insurer; provided, that in the case of a class of securities in unregistered or bearer form such statement need be transmitted only to those security holders whose names and addresses are known to the insurer.

Historical Notes

Derived from Regulation 4, Case No. 18772, § 3, eff. April 1, 1970.

Statutory Authority

§ 38.2-202 of the Code of Virginia.