N.Y. Comp. Codes R. & Regs. Tit. 11 § 10.11 - Proposals of stockholders
(a)
Submission of proposals. If any stockholder entitled to vote at a meeting of
the insurer shall, a reasonable time before the solicitation is made, submit to
the management of the insurer a proposal which is accompanied by notice of his
intention to present the proposal for action at the meeting, the management
shall set forth the proposal in its proxy statement, identify the proposal in
its proxy and provide means by which the specifications provided for by
subdivision (b) of section
10.6 can be made. A proposal so
submitted with respect to an annual meeting more than 60 days in advance of a
day corresponding to the first date on which management proxy soliciting
material was released to stockholders in connection with the last annual
meeting of the insurer shall prima facie be deemed to have been submitted a
reasonable time before the solicitation. This rule shall not apply, however, to
elections to office.
(b) Objections
by management. If the management opposes the proposal, it shall also, at the
request of the stockholder, include in its proxy statement the name and address
of the proposer and a statement by such person of not more than one hundred
words in support of the proposal. The statement and request shall be furnished
to the management at the same time that the proposal is furnished. Neither the
management nor the insurer shall be responsible for such statement.
(c) Omission of proposals. Notwithstanding
the foregoing, the management may omit a proposal and any statement in support
thereof from its proxy statement and form of proxy under any of the following
circumstances:
(1) if the proposal as
submitted is not a proper subject for action by stockholders under the laws of
this State;
(2) if it clearly
appears that the proposal is submitted primarily for the purpose of enforcing a
personal claim or redressing a personal grievance against the insurer or its
management, or primarily for the purpose of promoting general economic,
political, racial, religious, social or similar causes;
(3) if the management has, at the
stockholder's request, included a proposal in its proxy statement and form of
proxy relating to either of the last two annual meetings or any special meeting
held subsequent to the earlier of such two annual meetings and such stockholder
has failed, without good cause, to present the proposal, in person or by proxy,
for action at the meeting;
(4) if
substantially the same proposal has previously been submitted in the
management's proxy statement and form of proxy relating to any annual or
special meeting held within the preceding five calendar years, it may be
omitted from the management's proxy material relating to any meeting held
within the three calendar years after the latest such previous submission,
provided that the proposal received less than five per cent of the total number
of votes cast in regard thereto at the time of its latest submission;
or
(5) if the proposal consists of
a recommendation or request that the management take action with respect to a
matter relating to the conduct of the ordinary business operations of the
insurer.
(d) Filing
omitted proposals with department. Whenever the management asserts that a
proposal and any statement in support thereof may properly be omitted from its
proxy statement and form of proxy, it shall file with the department, not later
than 20 days prior to the date the preliminary copies of the proxy statement
and form of proxy are filed pursuant to subdivision (a) of section
10.7, or such shorter period prior
to such date as the department may permit, a copy of the proposal and any
statement in support thereof as received from the stockholder, together with a
statement of the reasons why the management deems such omission to be proper
and, where such reasons are based on matters of law, a supporting opinion of
counsel. The management shall at the same time, if it has not already done so,
notify the stockholder submitting the proposal of its intention to omit the
proposal from its proxy statement and form of proxy and shall forward to him a
copy of the statement of the reasons why the management deems the omission of
the proposal to be proper and a copy of such supporting opinion of
counsel.
Notes
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