Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 4212
Stock life insurance companies; voting power of policyholders
Insurance (ISC) CHAPTER 28, ARTICLE 42
§ 4212. Stock life insurance companies; voting power of policyholders.
(a) (1) Any domestic stock life insurance company may, by amendment to
its charter, confer upon its policyholders, or upon such of its
policyholders as shall have a specified amount of insurance on their
lives, the right to vote for all or any less number of directors of such
company in a manner not inconsistent with this chapter.

(2) Such amendment shall take effect upon approval by the
superintendent. The superintendent may give such approval if he finds
that the proposed change is in conformity with the requirements of law
and that the representation of policyholders therein conferred is
equitable and reasonable.

(3) If the right to vote for all of the directors of such company is
conferred upon such policyholders, then the election of directors shall
thereafter be governed by the provisions of subsection (e) of section
four thousand two hundred ten of this article.

(b) This section shall not apply to any such company which has
conferred voting power upon policyholders pursuant to any previous law
effective before January first, nineteen hundred forty, but the voting
rights of such policyholders shall continue to be governed by such
previous law.