Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-042 - PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK INSURERS
Section 482-1-042-.07 - Requirements As To Proxy
Current through Register Vol. 42, No. 5, February 29, 2024
(1) The form of proxy (a) shall indicate in bold face type whether or not the proxy is solicited on behalf of the insurers board of directors, and, if not, by whom it is solicited, (b) shall provide a specifically designated blank space for dating the proxy and (c) shall identify clearly and impartially each matter or group of related matters intended to be acted upon, whether proposed by the issuer or by security holders. No reference need be made to proposals as to which discretionary authority is conferred pursuant to Rule 482-1-042-.07(3).
(2)
(3) A proxy may confer discretionary authority to vote with respect to any of the following matters:
(4) No proxy shall confer authority (a) to vote for the election of any person to any office for which a bona fide nominee is not named in the proxy statement, or (b) to vote at any annual meeting, other than the next annual meeting (or any adjournment thereof), to be held after the date on which the proxy statement and form of proxy are first sent or given to security holders. A person shall not be deemed to be a bona fide nominee and he shall not be named as such unless he has consented to being named in the proxy statement and to serve if elected.
(5) The proxy statement or form of proxy shall provide, subject to reasonable specified conditions, that the securities represented by the proxy will be voted and that where the person solicited specifies by means of a ballot provided pursuant to Rule 482-1-042-.07(2) a choice with respect to any matter to be acted upon, the securities will be voted in accordance with specifications so made.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §§ 27-2-7, 27-2-17, 27-29-8.