Current through Register Vol. XLI, No. 50, December 13, 2024
Section 114-1-1 - General1.1. Scope. -- On June 8, 1964, Congress enacted the Securities Acts Amendments of 1964 ( Public Law 88-467 ), which exempted securities issued by insurance companies from the application of the federal requirement of regulation by and periodic filings with the Securities and Exchange Commission provided certain conditions were met by the insurer and its domiciliary state. Section 12 (g), (2), (G), (i) of the Federal Act, as one of such conditions, requires that the company be " . . . subject to regulation by its domiciliary state of proxies, consents or authorizations in respect of securities issued by such company and such regulation conforms to that prescribed by the National Association of Insurance Commissioners (NAIC)." On December 3, 1964, the NAIC prescribed and adopted a "Proposal Regarding Proxies, Consents and Authorizations of Domestic Stock Insurers" and recommended that each state adopt or otherwise implement the proposal. Thereafter, the West Virginia Legislature amended article five of the Code by adding thereto section thirty-one to the Insurance Code authorizing the Insurance Commissioner to promulgate regulations governing the solicitation of proxies, consents and authorizations in respect to any voting security issued by a domestic insurer. Therefore, in compliance with the provisions of section thirty-one, article five, chapter thirty-three of the West Virginia Code of 1931, as amended, this regulation is hereby adopted. This regulation establishes the general procedure for domestic stock insurers in regard to their activities respecting proxies, consents and authorizations.1.2. Authority. -- W. Va. Code '33-5-31 and '33-2-10.1.3. Filing Date. -- May 1, 1966.1.4. Effective Date. -- June 30, 1966.