New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter I - GENERAL PROVISIONS
Part 3 - Election Of Directors In Domestic Life Insurance Companies
Section 3.4 - Procedure for election of directors or trustees where an independent ticket has not been filed

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 3.4

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Notice of the time and place of holding said election shall be given by publication thereof in two newspapers of general circulation, approved by the Superintendent of Insurance, printed in the city in which the home office is located, twice a week for two successive weeks immediately preceding said election. Proof of publication of the notice of election shall be filed with the inspectors of election prior to the opening of the polls.

(b) All subsections between (i)(2) and (k)(10), respectively of section 4210 of the Insurance Law, excepting subsections (k)(2) and (k)(5), are hereby adopted insofar as applicable as the rules for the conduct of the election, except as their application is hereinafter modified.

(c) Only the last sentence of subsection (i)(3) shall apply to this election.

(d) The application of subsection (j) is hereby modified so as to permit the holders of proxies to cast a single ballot for the number of voters represented by them after the proxies held by them shall have been classified and counted by the clerks and verified to the satisfaction of the inspectors.

(e) The application of subsection (k)(10) is modified to the extent that all ballots received by the company shall be preserved by the company for the inspection of the superintendent or his authorized examiners or inspectors of election until the expiration of two years from the date of the last election.

(f)

(1) There is no necessity for securing a large number of votes in noncontested elections. But since one domestic company has requested permission to encourage policyholders to vote as an educational matter, it will be permitted under the following rules:

(2) Officers and agents may notify policyholders of their right to vote and may distribute ballots or proxies to policyholders. No agent shall be required as part of his duty to solicit or secure ballots from any policyholder. Any such solicitation shall be entirely voluntary upon the part of said agents. This paragraph shall be prominently displayed in the principal office of the company and also in the branch offices during the period of solicitation.

(g) The votes of said election shall be by ballot which shall be voted in the form prescribed by the Superintendent of Insurance.

(h) An itemized statement of the expenditures during the conduct of such election and the canvass of the votes shall be reported to the Superintendent of Insurance.

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