§ 23.81. Authorization or issuance of securities—Item 11.

 (a)  If action is to be taken with respect to the authorization or issuance of any securities of the insurer, the title, amount and description of the securities to be authorized or issued shall be furnished.

 (b)  If the securities are other than additional shares of common stock of a class outstanding, a brief summary of the following shall be furnished, if applicable:

   (1)  Dividend, voting, liquidation, preemptive, and conversion rights.

   (2)  Redemption and sinking fund provisions.

   (3)  Interest rate and date of maturity.

 (c)  If the securities to be authorized or issued are other than additional shares of common stock of a class outstanding, the Insurance Department may require financial statements comparable to those contained in the annual report.

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