The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
FORMATION
(Cite as: 8 V.S.A. § 3313)
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§ 3313. Proxies
(a) The Commissioner may prescribe by rules and regulations, the form, content and manner
of solicitation of any proxy, consent, or authorization in respect of any voting security
issued by a domestic insurer as necessary or appropriate in the public interest, or
for protection of investors in the securities, or to ensure the fair dealing in the
securities.
(b) The term “voting security” as used in this section shall mean any instrument issued
by a domestic stock insurance company that, in law or by contract, gives the holder
the right to vote, consent, or authorize any corporate action of the insurer.
(c) This section shall not apply to voting securities of a domestic insurer if the securities
are registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.
(d) Any person, domestic insurer, or director, officer, or employee of the insurer, shall
not solicit or permit the use of his or her name to solicit, by mail or otherwise,
any person to give a proxy, consent, or authorization in respect of a voting security
issued by the insurer in contravention of any rule or regulation made under this section.
(e) Failure to comply with any rule or regulation made under this section shall be unlawful
and any proxy or consent obtained in violation of this section or in contravention
of any rule or regulation made thereunder shall be void. Any domestic insurer or
any person who is legally entitled to vote, consent, or authorize by virtue of being
the holder of record of such a security, or the Commissioner, if the other parties
fail to act within 15 days after the date on which the vote was cast or counted, may
enforce compliance with any rule or regulation made under this section, by appropriate
civil action, except that no suit shall be brought more than 30 days after the date
on which the vote, consent, or authorization was to have been effected. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 13).)