Mich. Admin. Code R. 500.523 - Approval of plans; proxies

Rule 523. The plan has been approved, directly or indirectly, by the affirmative votes of the holders of a majority of the securities of such insurer present, or represented, and entitled to a vote at a meeting duly held in accordance with the applicable laws of the state or by the written consent of the holders of a majority of the securities of the insurer entitled to vote. If the vote or written consent was not solicited substantially in accordance with the proxy rules and regulations prescribed by the commissioner in effect at the time of the vote or written consent, the insurer shall furnish in writing to the holders of record of the securities entitled to vote for the plan substantially the same information concerning the plan which would be required by such rules and regulations in effect at the time the information is furnished, if proxies to be voted with respect to the approval or disapproval of the plan were then being solicited, on or prior to the date of the first annual meeting of security holders held subsequent to the later of the date the act first applies to the insurer, or the acquisition of an equity security for which exemption is claimed. The written information may be furnished by mail to the last known address of the security holders of record within 30 days prior to the date of mailing. Four copies of the written information shall be filed with the commissioner not later than the date on which it is first sent or given to security holders of the insurer. For the purposes of this rule, the term "insurer" includes a predecessor corporation if the plan or obligations to participate thereunder were assumed by the insurer in connection with the succession.

Notes

Mich. Admin. Code R. 500.523

1979 AC