Ins 6.40(5)
(5) Information to be furnished to stockholders. Ins 6.40(5)(a)(a) No solicitation subject to this rule shall be made unless each person solicited is concurrently furnished or has previously been furnished with a written proxy statement containing the information specified in sub.
(12).
Ins 6.40(5)(b)
(b) If the solicitation is made on behalf of the management of the insurer and relates to an annual meeting of stockholders at which directors are to be elected, each proxy statement furnished pursuant to sub.
(5) (a) shall be accompanied or preceded by an annual report (in preliminary or final form) to such stockholders containing such financial statements for the last fiscal year as are referred to in Schedule SIS — Stockholder Information Supplement (s.
Ins 7.02) under the heading “Financial Reporting to Stockholders." Subject to the foregoing requirements with respect to financial statements, the annual report to stockholders may be in any form deemed suitable by the management.
Ins 6.40(5)(c)
(c) Two copies of each report sent to the stockholders pursuant to sub.
(5) shall be mailed to the commissioner not later than the date on which such report is first sent or given to stockholders or the date on which preliminary copies of solicitation material are filed with the commissioner pursuant to sub.
(7) (a), whichever date is later.
Ins 6.40(6)(a)
(a) The form of proxy: 1) shall indicate in bold-face type whether or not the proxy is solicited on behalf of the management, 2) shall provide a specifically designated blank space for dating the proxy, and 3) shall identify clearly and impartially each matter or group of related matters intended to be acted upon, whether proposed by the management, or stockholders. No reference need be made to proposals as to which discretionary authority is conferred pursuant to par.
(c).
Ins 6.40(6)(b)
(b) Means shall be provided in the proxy for the person solicited to specify by ballot a choice between approval or disapproval of each matter or group of related matters referred to therein, other than elections to office. A proxy may confer discretionary authority with respect to matters as to which a choice is not so specified if the form of proxy states in bold-face type how it is intended to vote the shares or authorization represented by the proxy in each such case.
Ins 6.40(6)(c)
(c) A proxy may confer discretionary authority with respect to other matters which may come before the meeting, provided the persons on whose behalf the solicitation is made are not aware a reasonable time prior to the time the solicitation is made that any other matters are to be presented for action at the meeting and provided further that a specific statement to that effect is made in the proxy statement or in the form of proxy.
Ins 6.40(6)(d)1.
1. To vote for the election of any person to any office for which a bona fide nominee is not named in the proxy statement, or
Ins 6.40(6)(d)2.
2. To vote at any annual meeting other than the next annual meeting (or any adjournment thereof) to be held after the date, on which the proxy statement and form of proxy are first sent or given to stockholders.
Ins 6.40(6)(e)
(e) The proxy statement or form of proxy shall provide, subject to reasonable specified conditions, that the proxy will be voted and that where the person solicited specifies by means of ballot provided pursuant to par.
(b) a choice with respect to any matter to be acted upon, the vote will be in accordance with the specifications so made.
Ins 6.40(6)(f)
(f) The information included in the proxy statement shall be clearly presented and the statements made shall be divided into groups according to subject matter, with appropriate headings. All printed proxy statements shall be clearly and legibly presented.
Ins 6.40(7)(a)(a) Two preliminary copies of the proxy statement and form of proxy and any other soliciting material to be furnished to stockholders concurrently therewith shall be filed with the commissioner at least 10 days prior to the date definitive copies of such material are first sent or given to stockholders, or such shorter period prior to that date as the commissioner may authorize upon a showing of good cause therefor.
Ins 6.40(7)(b)
(b) Two preliminary copies of any additional soliciting material relating to the same meeting or subject matter to be furnished to stockholders subsequent to the proxy statements shall be filed with the commissioner at least 2 days (exclusive of Saturdays, Sundays or holidays) prior to the date copies of this material are first sent or given to stockholders or a shorter period prior to such date as the commissioner may authorize upon a showing of good cause therefor.
Ins 6.40(7)(c)
(c) Two definitive copies of the proxy statement, form of proxy and all other soliciting material, in the form in which this material is furnished to stockholders, shall be filed with, or mailed for filing to, the commissioner not later than the date such material is first sent or given to the stockholders.
Ins 6.40(7)(d)
(d) Where any proxy statement, form of proxy or other material filed pursuant to these rules is amended or revised, 2 of the copies shall be marked to clearly show such changes.
Ins 6.40(7)(e)
(e) Copies of replies to inquiries from stockholders requesting further information and copies of communications which do no more than request that forms of proxy theretofore solicited be signed and returned need not be filed pursuant to sub.
(7).
Ins 6.40(7)(f)
(f) Notwithstanding the provisions of subs.
(7) (a) and
(b) and
(11) (e), copies of soliciting material in the form of speeches, press releases and radio or television scripts may, but need not, be filed with the commissioner prior to use or publication. Definitive copies, however, shall be filed with or mailed for filing to the commissioner as required by sub.
(7) (c) not later than the date such material is used or published. The provisions of subs.
(7) (a) and
(b) and
(11) (e) shall apply, however, to any reprints or reproductions of all or any part of such material.
Ins 6.40(9)
(9) False or misleading statements. No solicitation subject to this rule shall be made by means of any proxy statement, form of proxy, notice of meeting, or other communication, written or oral, containing any statement which at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading or necessary to correct any statement in any earlier communication with respect to the solicitation of a proxy for the same meeting or subject matter which has become false or misleading.
Ins 6.40(10)
(10) Prohibition of certain solicitations. No person making a solicitation which is subject to this rule shall solicit any undated or postdated proxy or any proxy which provides that it shall be deemed to be dated as of any date subsequent to the date on which it is signed by the stockholder.
Ins 6.40(11)
(11) Special provisions applicable to election contests. Ins 6.40(11)(a)(a) Applicability. Subsection
(11) shall apply to any solicitation subject to this rule by any person or group for the purpose of opposing a solicitation subject to this rule by any other person or group with respect to the election or removal of directors at any annual or special meeting of stockholders.
Ins 6.40(11)(b)1.1. For purposes of sub.
(11) the terms “participant" and “participant in a solicitation"include:
Ins 6.40(11)(b)1.b.
b. Any director of the insurer, and any nominee for whose election as a director proxies are solicited; or
Ins 6.40(11)(b)1.c.
c. Any other person, acting alone or with one or more other persons, committees or groups, in organizing, directing or financing the solicitation.
Ins 6.40(11)(b)2.
2. For the purposes of sub.
(11) the terms “participant" and “participant in a solicitation" do not include:
Ins 6.40(11)(b)2.a.
a. A bank, broker or dealer who, in the ordinary course of business, lends money or executes orders for the purchase or sale of stock and who is not otherwise a participant;
Ins 6.40(11)(b)2.b.
b. Any person or organization retrained or employed by a participant to solicit stockholders or any person who merely transmits proxy soliciting material or performs ministerial or clerical duties;
Ins 6.40(11)(b)2.c.
c. Any person employed in the capacity of attorney, accountant, or advertising, public relations or financial adviser, and whose activities are limited to the performance of his or her duties in the course of such employment;
Ins 6.40(11)(b)3.
3. Any person regularly employed as an officer or employee of the insurer or any of its subsidiaries or affiliates who is not otherwise a participant; or
Ins 6.40(11)(b)3.e.
e. Any officer or director of, or any person regularly employed by any other participant, if such officer, director or employee is not otherwise a participant.
Ins 6.40(11)(c)1.1. No solicitation subject to sub.
(11) shall be made by any person other than the management of an insurer unless at least 5 business days prior thereto, or such shorter period as the commissioner may authorize upon a showing of good cause therefor, there has been filed, with the commissioner by or on behalf of each participant in such solicitation, a statement in duplicate containing the information specified by sub.
(13) and a copy of any material proposed to be distributed to stockholders in furtherance of such solicitation. Where preliminary copies of any materials are filed, distribution to stockholders should be deferred until the commissioner's comments have been received and complied with.
Ins 6.40(11)(c)2.
2. Within 5 business days after a solicitation subject to sub.
(11) is made by the management of an insurer, or such longer period as the commissioner may authorize upon a showing of good cause therefor, there shall be filed with the commissioner by or on behalf of each participant in such solicitation, other than the insurer, and by or on behalf of each management nominee for director, a statement in duplicate containing the information specified by sub.
(13).
Ins 6.40(11)(c)3.
3. If any solicitation on behalf of management or any other person has been made, or if proxy material is ready for distribution, prior to a solicitation subject to sub.
(11) in opposition thereto, a statement in duplicate containing the information specified in sub.
(13) shall be filed with the commissioner, by or on behalf of each participant in such prior solicitation, other than the insurer, as soon as reasonably practicable after the commencement of the solicitation in opposition thereto.
Ins 6.40(11)(c)4.
4. If, subsequent to the filing of the statements required by subds.
1.,
2., and
3., additional persons become participants in a solicitation subject to this rule, there shall be filed with the commissioner, by or on behalf of each such person, a statement in duplicate containing the information specified by sub.
(13) within 3 business days after such person becomes a participant, or such longer period as the commissioner may authorize upon a showing of good cause therefor.
Ins 6.40(11)(c)5.
5. If any material change occurs in the facts reported in any statement filed by or on behalf of any participant, an appropriate amendment to such statement shall be filed promptly with the commissioner.
Ins 6.40(11)(c)6.
6. Each statement and amendment thereto filed pursuant to par.
(c) shall be part of the public files of the commissioner.
Ins 6.40(11)(d)
(d) Solicitations prior to furnishing required written proxy statement. Notwithstanding the provisions of sub.
(5) (a), a solicitation subject to sub.
(11) may be made prior to furnishing stockholders a written proxy statement containing the information specified in sub.
(12) with respect to such solicitation, provided that:
Ins 6.40(11)(d)1.
1. The statements required by par.
(c) are filed by or on behalf of each participant in such solicitation.
Ins 6.40(11)(d)2.
2. No form of proxy is furnished to stockholders prior to the time the written proxy statement required by sub.
(5) (a) is furnished to such persons; provided, however, that subd.
2. shall not apply where a proxy statement then meeting the requirements of sub.
(12) has been furnished to stockholders.
Ins 6.40(11)(d)3.
3. At least the information specified in par.
(c) 2. and
3. of the statements required by par.
(c) to be filed by each participant, or an appropriate summary thereof, are included in each communication sent or given to stockholders in connection with the solicitation.
Ins 6.40(11)(d)4.
4. A written proxy statement containing the information specified in sub.
(12) with respect to a solicitation is sent or given stockholders at the earliest practicable date.
Ins 6.40(11)(e)
(e) Solicitations prior to furnishing required written proxy statement — filing requirements. Two copies of any soliciting material proposed to be sent or given to stockholders prior to the furnishing of the written proxy statement required by sub.
(5) (a) shall be filed with the commissioner in preliminary form at least 5 business days prior to the date definitive copies of such material are first sent or given to such persons, or shorter period as the commissioner may authorize upon a showing of good cause therefor.
Ins 6.40(11)(f)
(f) Application of sub. (11) to report. Notwithstanding the provisions of sub.
(5) (b) and
(c),
2 copies of any portion of the report referred to in sub.
(5) (b) which comments upon or refers to any solicitation subject to sub.
(11) or to any participant in any such solicitation, other than the solicitation by the management, shall be filed with the commissioner as proxy material subject to this regulation. Such portion of the report shall be filed with the commissioner in preliminary form at least 5 business days prior to the date copies of the report are first sent or given to stockholders.
Ins 6.40(12)(a)(a) Revocability of proxy. State whether or not the person giving the proxy has the power to revoke it. If the right of revocation before the proxy is exercised is limited or is subject to compliance with any formal procedure, briefly describe such limitation or procedure.
Ins 6.40(12)(b)
(b) Dissenters' rights of appraisal. Outline briefly the rights of appraisal or similar rights of dissenting stockholders with respect to any matter to be acted upon and indicate any statutory procedure required to be followed by such stockholders in order to perfect their rights. Where such rights may be exercised only within a limited time after the date of the adoption of a proposal, the filing of a charter amendment, or other similar act, state whether the person solicited will be notified of such date.
Ins 6.40(12)(c)
(c) Persons making solicitations not subject to s. Ins 6.40 (11). Ins 6.40(12)(c)1.1. If the solicitation is made by the management of the insurer, so state. Give the name of any director of the insurer who has informed the management in writing that he or she intends to oppose any action intended to be taken by the management and indicate the action which he or she intends to oppose.
Ins 6.40(12)(c)2.
2. If the solicitation is made otherwise than by the management of the insurer, state the names and addresses of the persons by whom and on whose behalf it is made and the names and addresses of the persons by whom the cost of solicitation has been or will be borne, directly or indirectly.
Ins 6.40(12)(c)3.
3. If the solicitation is to be made by specially engaged employees or paid solicitors, state:
Ins 6.40(12)(c)3.a.
a. The material features of any contract or arrangement for such solicitation and identify the parties, and
Ins 6.40(12)(d)
(d) Interest of certain persons in matters to be acted upon. Describe briefly any substantial interest, direct or indirect, by stockholdings or otherwise, of any director, nominee for election for director, officer and, if the solicitation is made otherwise than on behalf of management, each person on whose behalf the solicitation is made, in any matter to be acted upon other than elections to office.
Ins 6.40(12)(e)1.1. State, as to class of voting stock of the insurer entitled to be voted at the meeting, the number of shares outstanding and the number of votes to which each class is entitled.
Ins 6.40(12)(e)2.
2. Give the date as of which the record list of stockholders entitled to vote at the meeting will be determined. If the right to vote is not limited to stockholders of record on that date, indicate the conditions under which other stockholders may be entitled to vote.
Ins 6.40(12)(f)
(f) Nominees and directors. If action is to be taken with respect to the election of directors furnish the following information, in tabular form to the extent practicable, with respect to each person nominated for election as a director and each other person whose term of office as a director will continue after the meeting:
Ins 6.40(12)(f)1.
1. Name each such person, state when his or her term of office or the term of office for which he or she is a nominee will expire, and all other positions and offices with the insurer presently held by him or her, and indicate which persons are nominees for election as directors at the meeting.
Ins 6.40(12)(f)2.
2. State his or her present principal occupation or employment and give the name and principal business of any corporation or other organization in which such employment is carried on. Furnish similar information as to all of his or her principal occupations or employments during the last 5 years, unless he or she is now a director and was elected to his or her present term of office by a vote of stockholders at a meeting for which proxies were solicited under this regulation.
Ins 6.40(12)(f)3.
3. If he or she is or has previously been a director of the insurer, state the period or periods during which he or she has served as such.
Ins 6.40(12)(f)4.
4. State, as of the most recent practicable date, the approximate amount of each class of stock of the insurer or any of its parents, subsidiaries or affiliates other than directors' qualifying shares, beneficially owned directly or indirectly by him or her. If he or she is not the beneficial owner of any such stocks make a statement to that effect.
Ins 6.40(12)(g)
(g) Remuneration and other transactions with management and others. Furnish the information reported or required in item 1. of Schedule SIS — Stockholder Information Supplement (s.
Ins 7.02) under the heading “Information Regarding Management and Directors" if action is to be taken with respect to: 1) the election of directors, 2) any remuneration plan, contract or arrangement in which any director, nominee for election as a director, or officer of the insurer will participate, 3) any pension or retirement plan in which any such person will participate, or 4) the granting or extension to any such person of any options, warrants or rights to purchase any stocks, other than warrants or rights issued to stockholders, as such, on a pro rata basis. If the solicitation is made on behalf of persons other than the management, information shall be furnished only as to item 1.A. of the aforesaid heading of Schedule SIS.
Ins 6.40(12)(h)
(h) Bonus, profit sharing and other remuneration plans. If action is to be taken with respect to any bonus, profit sharing, or other remuneration plan of the insurer, furnish the following information:
Ins 6.40(12)(h)1.
1. A brief description of the material features of the plan, each class of persons who will participate therein, the approximate number of persons in each such class, and the basis of such participation.
Ins 6.40(12)(h)2.
2. The amounts which would have been distributable under the plan during the last calendar year to
Ins 6.40(12)(h)3.
3. If the plan to be acted upon may be amended (other than by a vote of stockholders) in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in subd.
2., the nature of such amendments should be specified.
Ins 6.40(12)(i)
(i) Pension and retirement plan. If action is to be taken with respect to any pension or retirement plan of the insurer, furnish the following information:
Ins 6.40(12)(i)1.
1. A brief description of the material features of the plan, each class of persons who will participate therein, the approximate number of persons in each such class, and the basis of such participation.
Ins 6.40(12)(i)2.a.
a. The approximate total amount necessary to fund the plan with respect to past services, the period over which such amount is to be paid, and the estimated annual payments necessary to pay the total amount over such period;
Ins 6.40(12)(i)2.b.
b. The estimated annual payment to be made with respect to current services; and
Ins 6.40(12)(i)2.c.
c. The amount of such annual payments to be made for the benefit of each person named in par.
(g), directors and officers as a group, and employees as a group.
Ins 6.40(12)(i)3.
3. If the plan to be acted upon may be amended (other than by a vote of stockholders) in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in par.
(h) 2. c., the nature of such amendments should be specified.
Ins 6.40(12)(j)
(j) Options, warrants, or rights. If action is to be taken with respect to the granting or extension of any options, warrants or rights (all referred to herein as “warrants") to purchase stock of the insurer or any subsidiary or affiliate, other than warrants issued to all stockholders on a pro rata basis, furnish the following information:
Ins 6.40(12)(j)1.
1. The title and amount of stock called for or to be called for, the prices, expiration dates and other material conditions upon which the warrants may be exercised, the consideration received or to be received by the insurer, subsidiary or affiliate for the granting or extension of the warrants and the market value of the stock called for or to be called for by the warrants, as of the latest practicable date.
Ins 6.40(12)(j)2.
2. If known, state separately the amount of stock called for or to be called for by warrants received or to be received by the following persons, naming each such person:
Ins 6.40(12)(j)2.b.
b. Each other person who will be entitled to acquire 5% or more of the stock called for or to be called for by such warrants.
Ins 6.40(12)(j)3.
3. If known, state also the total amount of stock called for or to be called for by such warrants, received or to be received by all directors and officers of the company as a group and all employees, without naming them.
