§ 23.5. Disclosure of equivalent information.
(a) Unless proxies, consents, or authorizations of any class of equity security of a domestic insurer are solicited by or on behalf of the management of such insurer from the holders of record of the securities prior to any meeting of the security holders, the insurer shall file with the Insurance Department, and shall transmit to all security holders of record, information substantially equivalent to the information which would be required to be transmitted if a solicitation were made.
(b) The insurer shall transmit a written information statement containing the information specified in § 23.24 (relating to information statement to security holders) to every security holder who is entitled to vote on a matter to be acted upon at the meeting and from whom a proxy is not solicited on behalf of the management of the insurer.
(c) In the case of a class of securities in unregistered or bearer form, the statement may be transmitted to only those security holders whose names and addresses are known to the insurer.
Cross References This section cited in 31 Pa. Code § 23.24 (relating to information statement to security holders).
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