(a)
- (1) This rule is applicable to each domestic stock insurer which has any class of equity security held of record by one hundred (100) or more persons.
- (2) However, this rule shall not apply to any insurer if ninety-five percent (95%) or more of its equity securities are owned or controlled by a parent or an affiliated insurer and the remaining securities are held of record by less than five hundred (500) persons.
- (b) A domestic stock insurer required to file with the Securities and Exchange Commission forms of proxies, consents, and authorizations complying with the requirements of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., as amended, and the applicable regulations promulgated thereunder, shall be exempt from the provisions of this rule with respect to any class of securities subject to Securities and Exchange Commission jurisdiction.