2025 Session
Last amended: 1986 session
§ 72A.16 — Mutual Companies
Plain-Language Summary
Officers of mutual insurance companies who improperly solicit proxy votes or guarantee against assessments commit crimes.
72A.16 MUTUAL COMPANIES.
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Subdivision 1.Unlawful procurement or use of proxy.
Every officer or agent of a domestic mutual insurance company who shall solicit, receive, procure to be obtained, or use, a proxy vote in violation of any provision of law shall be guilty of a gross misdemeanor. §
Subd. 2.Guaranty against assessment.
Every director, officer, or agent of an insurance company who officially or privately gives a guaranty to a policyholder thereof against an assessment for which the policyholder would otherwise be liable shall be guilty of a misdemeanor.
History:
1967 c 395 art 12 s 16; 1986 c 444
History: History: 1967 c 395 art 12 s 16; 1986 c 444
Practical Notes
Mutual company members have a right to fair voting processes.