Section 23.77. Remuneration and other transactions—Item 7

(a) Information shall be furnished as reported or required in Item 1 of Schedule SIS, as promulgated by the National Association of Insurance Commissioners, under the heading ‘‘Information Regarding Management and Directors,’’ if action is to be taken with respect to any of the following:

(1) The election of directors.

(2) Any remuneration plan, contract, or arrangement in which any director, nominee for election as a director, or officer of the insurer will participate.

(3) Any pension or retirement plan in which any such person will participate.

(4) The granting or extension to any such person of any options, warrants, or rights to purchase any securities, other than warrants or rights issued to security holders as such on a pro rata basis.

(b) If the solicitation is made on behalf of persons other than the management, information shall be furnished only as to Item 1-A of the heading in Schedule SIS indicated in subsection (a) of this section.

Notation

Cross References

This section cited in 31 Pa. Code § 23.78 (relating to bonus, profit-sharing, and other remuneration plans—Item 8); 31 Pa. Code § 23.79 (relating to pension and retirement plans—Item 9); and 31 Pa. Code § 23.80 (relating to options, warrants, or rights—Item 10).