Section 26-A1500. APPLICABILITY

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1500.1This chapter is applicable to all insurers having one hundred (100) or more stockholders; Provided, that this chapter shall not apply to any insurer if ninety-five percent (95%) or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than five hundred (500) stockholders.

1500.2An insurer which files with the Securities and Exchange Commission forms of proxies, consents, and authorizations complying with the requirements of the Securities and Exchange Act of 1934 and the Securities and Exchange Acts Amendments of 1964 and Regulation X-14 of the Securities and Exchange Commission promulgated thereunder shall be exempt from the provisions of this chapter.

                    
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