S.D. Admin. R. 20:06:03:06

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:06:03:06 - Information to be furnished to stockholders

The following information must be furnished to stockholders:

(1) No solicitation subject to this chapter 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 §§ 20:06:03:22 to 20:06:03:36, inclusive;

(2) 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 subdivision (1) of this section 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 stockholder information supplement of the annual statement 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;

(3) Two copies of each report sent to the stockholders pursuant to this section shall be mailed to the director of insurance 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 director of insurance pursuant to § 20:06:03:08, whichever date is later.

S.D. Admin. R. 20:06:03:06

SL 1975, ch 16, § 1; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 58-4-1, 58-5-49.

Law Implemented: SDCL 58-5-49.