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Subject 120-2-7 REGULATIONS REGARDING PROXIES, CONSENTS AND AUTHORIZATIONS OF DOMESTIC STOCK INSURERS SUBAGENTS, COUNSELORS, ADJUSTERS, SURPLUS LINES BROKERS, AND AGENCIES

Rule 120-2-7-.01 Application of Regulation

This regulation is applicable to each domestic stock insurer which has any class of equity security held of record by one hundred or more persons; provided, however, that this regulation shall not apply to an insurer if ninety-five percent 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 persons. A domestic stock insurer which files with the Securities and Exchange Commission forms of proxies, consents and authorizations complying with the requirements of the Securities Exchange Act of 1934, as amended, and the applicable regulations promulgated thereunder, shall be exempt from the provisions of this regulation with respect to any class of securities subject to SEC jurisdiction.

Rule 120-2-7-.02 Proxies, Consents and Authorizations

No domestic stock insurer, or any director, officer or employee of such insurer subject to Rule 120-2-7-.01 hereof, or any other person, shall solicit, or permit the use of his name to solicit, by mail or otherwise, any proxy, consent or authorization in respect of any class of equity security of such insurer held of record by one hundred or more persons in contravention of this regulation.

Rule 120-2-7-.03 Disclosure of Equivalent Information

Unless proxies, consents or authorizations in respect of any class of equity security of a domestic insurer subject to Rule 120-2-7-.01 hereof are solicited by or on behalf of the management of such insurer from the holders of record of such security in accordance with this regulation prior to any annual or other meeting of such securityholders, such insurer shall, in accordance with this regulation and/or such further regulations as the Commissioner may adopt, file with the Commissioner and transmit to all securityholders of record information substantially equivalent to the information which would be required to be transmitted if a solicitation were made. Such insurer shall transmit a written information statement containing the information specified in subsection (4) of Rule 120-2-7-.05 to every securityholder who is entitled to vote in regard to any matter to be acted upon at the meeting and from whom a proxy is not solicited on behalf of the management of insurer provided, that in the case of a class of securities in unregistered or bearer form such statement need be transmitted only to those securityholders whose names and addresses are known to the insurer.

Rule 120-2-7-.04 Definitions

(1) The definitions and instructions set out in "Stockholder Information Supplement to Annual Statement" as promulgated by the Commissioner, shall be applicable for purposes of this regulation.
(2) The terms "solicit" and "solicitation" for purposes of this regulation shall include:
(a) Any request for a proxy, whether or not accompanied by or included in a form of proxy; or
(b) Any request to execute or note to execute or to revoke, a proxy; or
(c) The furnishing of a proxy or other communication to securityholders under circumstances reasonably calculated to result in the procurement, withholding or revocation of a proxy.
(3) The terms "solicit" and "solicitation" shall not include:
(a) Any solicitation by a person in respect of securities of which he is the beneficial owner;
(b) Action by a broker or other person in respect to securities carried in his name or in the name of his nominee in forwarding to the beneficial owner of such security soliciting material received from the company, or impartially instructing such beneficial owner to forward a proxy to the person, if any, to whom the beneficial owner desires to give a proxy, or impartially requesting instructions from the beneficial owner with respect to the authority to be conferred by the proxy and stating that a proxy will be given if the instructions are received by a certain date;
(c) The furnishing of a form of proxy to a securityholder upon the unsolicited request of such securityholder, or the performance by any person of ministerial acts on behalf of a person soliciting a proxy.

Rule 120-2-7-.05 Information to be Furnished to Security Holders

(1) No solicitation subject to this regulation 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 Rule 120-2-7-.12 hereof.
(2) If the solicitation is made on behalf of the management of the insurer and relates to an annual meeting of securityholders at which directors are to be elected, each proxy statement furnished pursuant to (1) hereof shall be accompanied or preceded by an annual report (in preliminary or final form) to such securityholders containing such financial statements for the last fiscal year as are referred to in "Stockholder Information Supplement to Annual Statement" under the heading "Financial Reporting to Stockholders." Subject to the foregoing requirements with respect to financial statements, the annual report to securityholders may be in any form deemed suitable by the management.
(3) Two copies of each report sent to the securityholders pursuant to this section shall be mailed to the Commissioner, not later than the date on which such report is first sent or given to securityholders or the date on which preliminary copies of solicitation material are filed with the Commissioner pursuant to Rule 120-2-7-.07(1), whichever date is later.
(4) If no solicitation is being made by management of the insurer with respect to any annual or other meeting, such insurer shall mail to every securityholder of record at least twenty days prior to the meeting date, an information statement as required by Rule 120-2-7-.03, which would be applicable to any matter to be acted upon at the meeting if proxies were to be solicited in connection with the meeting. If such information statement relates to an annual meeting at which directors are to be elected, it shall be accompanied by an annual report to such securityholders in the form provided in subsection (2) hereof.

Rule 120-2-7-.06 Requirements as to Proxy

(1) The form of proxy:
(a) shall indicate in bold-face type whether or not the proxy is solicited on behalf of the management,
(b) shall provide a specifically designated blank space for dating the proxy and
(c) shall identify clearly and impartially each matter or group of related matters intended to be acted upon, whether proposed by the management, or securityholders. No reference need be made to proposals as to which discretionary authority is conferred pursuant to subsection (3) hereof.
(2)
(a) Means shall be provided in the proxy for the person solicited to specify by ballot a choice between approval or disapproval of each matter or group of related matters referred to therein, other than elections to office. A proxy may confer discretionary authority with respect to matters as to which a choice is not so specified if the form of proxy states in bold-faced type how it is intended to vote the shares or authorization represented by the proxy in each such case.
(b) A form of proxy which provides both for elections to office and for action on other specified matters shall be prepared so as to clearly provide, by a box or otherwise, means by which the securityholder may withhold authority to vote for elections to office. Any such form of proxy which is executed by the securityholder in such manner as not to withhold authority to vote for elections to office shall be deemed to grant such authority, provided the form of proxy so states in bold-faced type.
(3) A proxy may confer discretionary authority with respect to other matters which may come before the meeting, provided the persons on whose behalf the solicitation is made are not aware a reasonable time prior to the time the solicitation is made that any other matters are to be presented for action at the meeting and provided further that a specific statement to that effect is made in the proxy statement or in the form of proxy.
(4) No proxy shall confer authority:
(a) to vote for the election of any person to any office for which a bona fide nominee is not named in the proxy statement, or
(b) to vote at any annual meeting other than the next annual meeting (or any adjournment thereof) to be held after the date on which the proxy statement and form of proxy are first sent or given to securityholders.
(5) The proxy statement or form of proxy shall provide, subject to reasonable specified conditions, that the proxy will be voted and that where the person solicited specifies by means of ballot provided pursuant to subsection (2) hereof a choice with respect to any matter to be acted upon, the vote will be in accordance with the specifications so made.
(6) The information included in the proxy statement or information statement shall be clearly presented and the statements made shall be divided into groups according to subject matter, with appropriate headings. All printed proxy statements or information statements shall be clearly and legibly presented.

Rule 120-2-7-.07 Material Required to be Filed

(1) Two preliminary copies of the information statement or proxy statement and form of proxy and any other soliciting material to be furnished to the securityholders concurrently therewith shall be filed with the Commissioner at least ten days prior to the date definitive copies of such material are first sent or given to securityholders, or such shorter period prior to that date as the Commissioner may authorize upon a showing of good cause therefor.
(2) Two preliminary copies of any additional soliciting material relating to the same meeting or subject matter to be furnished to securityholders subsequent to the proxy statements shall be filed with the Commissioner at least two days (exclusive of Saturdays, Sundays or holidays) prior to the date copies of this material are first sent or given to securityholders or a shorter period prior to such date as the Commissioner may authorize upon a showing of good cause therefor.
(3) Two definitive copies of the information statement or proxy statement, form of proxy and all other soliciting material, in the form in which this material is furnished to securityholders, shall be filed with or mailed for filing to the Commissioner not later than the date such material is first sent or given to the securityholders.
(4) Where any information statement or proxy statement, form of proxy or other material filed pursuant to these rules is amended or revised, two of the copies shall be marked to clearly show such changes.
(5) Copies of replies to inquiries from securityholders requesting further information and copies of communications which do no more than request that forms of proxy theretofore solicited be signed and returned need not be filed pursuant to this section.
(6) Notwithstanding the provisions of subsections (1) and (2) hereof and of 120-2-7-.11(5), copies of soliciting material in the form of speeches, press releases and radio or television scripts may, but need not, be filed with the Commissioner prior to use or publication. Definitive copies, however, shall be filed with or mailed for filing to the Commissioner as required by subsection (3) hereof not later than the date such material is used or published. The provisions of subsections (1) and (2) hereof and Rule 120-2-7-.11(5) shall apply, however, to any reprints or reproductions of all or any part of such material.

Rule 120-2-7-.08 Proposals of Securityholders. (Reserved)

Rule 120-2-7-.09 False or Misleading Statements

No proxy statement, form of proxy, notice of meeting, information statement, or other communication, written or oral, subject to this regulation, shall contain any statement which at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading or necessary to correct any statement in any earlier communication with respect to the same meeting or subject matter which has become false or misleading.

Rule 120-2-7-.10 Prohibition of Certain Solicitations

No person making a solicitation which is subject to this regulation shall solicit any undated or postdated proxy or any proxy which provides that it shall be deemed to be dated as of any date subsequent to the date on which it is signed by the securityholder.

Rule 120-2-7-.11 Special Provisions Applicable to Election Contests

(1) Applicability. This section shall apply to any solicitation subject to this regulation by any person or group for the purpose of opposing a solicitation subject to this regulation by any other person or group with respect to the election or removal of directors at any annual or special meeting of securityholders.
(2) "Participant" or "Participant in a Solicitation."
(a) For purposes of this section the terms "participant" and "participant in a solicitation" include:
1. the insurer;
2. any director of the insurer, and any nominee for whose election as a director proxies are solicited;
3. any other person, acting alone or with one or more other person, committee or groups, in organizing, directing or financing the solicitation.
(b) For the purposes of this section the terms "participant" and "participant in a solicitation" do not include:
1. a bank, broker or dealer who, in the ordinary course of business, lends money or executes orders for the purchase or sale of securities and who is not otherwise a participant;
2. any person or organization retained or employed by a participant to solicit securityholders or any person who merely transmits proxy soliciting material or performs ministerial or clerical duties;
3. any person employed in the capacity of attorney, accountant, or advertising, public relations or financial adviser, and whose activities are limited to the performance of his duties in the course of such employment;
4. any person regularly employed as an officer or employee of the insurer or any of its subsidiaries or affiliates who is not otherwise a participant; or
5. any officer or director of, or any person regularly employed by any other participant, if such officer, director, or employee is not otherwise a participant.
(3) Filing of information required by Rule 120-2-7-.13.
(a) No solicitation subject to this section shall be made by any person other than the management of an insurer unless at least five business days prior thereto, or such shorter period as the Commissioner may authorize upon a showing of good cause therefor, there has been filed, with the Commissioner by or on behalf of each participant in such solicitation, a statement in duplicate containing the information specified in Rule 120-2-7-.13 and a copy of any material proposed to be distributed to securityholders in furtherance of such solicitation. Where preliminary copies of any materials are filed, distribution to securityholders should be deferred until the Commissioner's comments have been received and complied with.
(b) Within five business days after a solicitation subject to this section is made by the management of an insurer, or such longer periods as the Commissioner may authorize upon a showing of good cause therefor, there shall be filed with the Commissioner by or on behalf of each participant in such solicitation, other than the insurer, and by or on behalf of each management nominee for director, a statement in duplicate containing the information specified by Rule 120-2-7-.13 hereof.
(c) If any solicitation on behalf of management or any other person has been made, or if proxy material is ready for distribution, prior to a solicitation subject to this section in opposition thereto, a statement in duplicate containing the information specified in Rule 120-2-7-.13 shall be filed with the Commissioner, by or on behalf of each participant in such prior solicitation, other than the insurer, as soon as reasonably practicable after the commencement of the solicitation in opposition thereto.
(d) If, subsequent to the filing of the statements required by paragraphs (a), (b), and (c) of this Rule, additional persons become participants in a solicitation subject to this rule, there shall be filed with the Commissioner, by or on behalf of each such person, a statement in duplicate containing the information specified in Rule 120-2-7-.13, within three business days after such person becomes a participant, or such longer period as the Commissioner may authorize upon a showing of good cause therefor.
(e) If any material change occurs in the facts reported in any statement filed by or on behalf of any participant, an appropriate amendment to such statement shall be filed promptly with the Commissioner.
(f) Each statement and amendment thereto filed pursuant to this Subsection (3) shall be part of the public files of the Commissioner.
(4) Solicitation prior to furnishing required written proxy statement. Notwithstanding the provisions of Rule 120-2-7-.05(1), a solicitation subject to this section may be made prior to furnishing securityholders a written proxy statement containing the information specified in Rule 120-2-7-.12 with respect to such solicitation, provided that:
(a) The statements required by subsection (3) hereof are filed by or on behalf of each participant in such solicitation.
(b) No form of proxy is furnished to securityholders prior to the time the written proxy statement required by Rule 120-2-7-.05(1) is furnished to such persons: Provided, however, that this paragraph (b) shall not apply where a proxy statement then meeting the requirements of Rule 120-2-7-.12 has been furnished to securityholders.
(c) At least the information specified in paragraphs (b) and (c) of the statements required by subsection (3) hereof to be filed by each participant, or an appropriate summary thereof, are included in each communication sent or given to securityholders in connection with the solicitation.
(d) A written proxy statement containing the information specified in Rule 120-2-7-.12 with respect to a solicitation is sent or given securityholders at the earliest practicable date.
(5) Solicitations prior to furnishing required written proxy statements - Filing Requirements. Two copies of any soliciting material proposed to be sent or given to securityholders prior to the furnishing of the written proxy statement required by Rule 120-2-7-.05(1) shall be filed with the Commissioner in preliminary form at least five business days prior to the date definitive copies of such material are first sent or given to such person, or such shorter period as the Commissioner may authorize upon a showing of good cause therefor.
(6) Application of this Section to Report. Notwithstanding the provisions of Rule 120-2-7-.05(2) and 120-2-7-.05(3) two copies of any portion of the report referred to in Rule 120-2-7-.05(2) which comments upon or refers to any solicitation subject to this section, or to any participant in any such solicitation, other than the solicitation by the management, shall be filed with the Commissioner as proxy material subject to this regulation. Such portion of the report shall be filed with the Commissioner in preliminary form at least five business days prior to the date copies of the report are first sent or given to securityholders.

Rule 120-2-7-.12 Information Required in Proxy Statement

(1) Revocability of Proxy. State whether or not a person giving the proxy has the power to revoke it. If the right of revocation before the proxy is exercised is limited or is subject to compliance with any formal procedure, briefly describe such limitation or procedure.
(2) Dissenters' Rights of Appraisal. Outline briefly the rights of appraisal or similar rights of dissenting securityholders with respect to any matter to be acted upon and indicate any statutory procedure required to be followed by such securityholders in order to perfect their rights. Where such rights may be exercised only within a limited time after the date of the adoption of a proposal, the filing of a charter amendment, or other similar act, state whether the person solicited will be notified of such date.
(3) Persons Making Solicitations Not Subject to Rule 120-2-7-.11.
(a) If the solicitation is made by the management of the insurer, so state. Give the name of any director of the insurer who has informed the management in writing that he intends to oppose any action intended to be taken by the management and indicate the action which he intends to oppose.
(b) If the solicitation is made otherwise than by the management of the insurer, state the names and addresses of the persons by whom and on whose behalf it is made and the names and addresses of the persons by whom the cost of solicitation has been or will be borne, directly or indirectly.
(c) If the solicitation is to be made by specially engaged employees or paid solicitors, state
1. the material features of any contract or arrangement for such solicitation and identify the parties, and
2. the cost or anticipated cost thereof.
(4) Interest of Certain persons in matters to be acted upon. Describe briefly any substantial interest, direct or indirect, by securityholdings or otherwise, of any director, nominee for election as director, officer and, if the solicitation is made otherwise than on behalf of management, each person on whose behalf the solicitation is made, in any matter to be acted upon other than elections to office.
(5) Securities and Principal Securityholders.
(a) State, as to each class of voting security of the insurer entitled to be voted at the meeting, the number of shares outstanding and the number of votes to which each class is entitled.
(b) Give the date as of which the record list of securityholders entitled to vote at the meeting will be determined. If the right to vote is not limited to securityholders of record on that date, indicate the conditions under which other securityholders may be entitled to vote.
(c) If action is to be taken with respect to the election of directors and if the persons solicited have cumulative voting rights, make a statement that they have such rights and state briefly the conditions precedent to the exercise thereof.
(6) Nominees and Directors. If action is to be taken with respect to the election of directors furnish the following information, in tabular form to the extent practicable with respect to each person nominated for election as a director and each other person whose term of office as a director will continue after the meeting.
(a) Name each such person, state when his term of office or the term of office for which he is a nominee will expire, and all other positions and offices with the insurer presently held by him, and indicate which persons are nominees for election as directors at the meeting.
(b) State his present principal occupation or employment and give the name and principal business of any corporation or other organization in which such employment is carried on. Furnish similar information as to all of his principal occupations or employments during the last five years, unless he is now a director and was elected to his present term of office by a vote of securityholders at a meeting for which proxies were solicited under this regulation.
(c) If he is or has previously been a director of the insurer, state the period or periods during which he has served as such.
(d) State, as of the most recent practicable date, the approximate amount of each class of securities of the insurer or any of its parents, subsidiaries or affiliates other than directors' qualifying shares, beneficially owned directly or indirectly by him. If he is not the beneficial owner of any such securities make a statement to that effect.
(7) Remuneration and other transactions with management and others. Furnish the information reported or required in Item One of "Stockholder Information Supplement to Annual Statement" under the heading "Information Regarding Management and Directors" if action is to be taken with respect to
(a) the election of directors,
(b) any renumeration plan, contract or arrangement in which any director, nominee for election as a director, or officer of the insurer will participate,
(c) any pension or retirement plan in which any such person will participate, or
(d) 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 securityholders, as such, on a pro rata basis. If the solicitation is made on behalf of persons other than the management information shall be furnished only as to Item One-A of the aforesaid heading of "Stockholder Information Supplement to Annual Statement."
(8) Bonus, profit sharing and other remuneration plans. If action is to be taken with respect to any bonus, profit sharing, or other remuneration plan, of the insurer furnish the following information:
(a) a brief description of the material features of the plan, each class of persons who will participate therein, the approximate number of persons in each such class, and the basis of such participation,
(b) the amounts which would have been distributable under the plan during the last calendar year to
1. each person named in subsection (7) hereof,
2. directors and officers as a group, and
3. to all other employees as a group, if the plan had been in effect,
(c) if the plan to be acted upon may be amended (other than by a vote of securityholders) in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in paragraph (b) of this subsection, the nature of such amendments should be specified.
(9) Pension and retirement plan. If action is to be taken with respect to any pension or retirement plan of the insurer, furnish the following information:
(a) a brief description of the material features of the plan, each class of persons who will participate therein, the approximate number of persons in each such class, and the basis of such participation,
(b) state
1. the approximate total amount necessary to fund the plan with respect to past services, the period over which such amount is to be paid, and the estimated annual payments necessary to pay the total amount over such period;
2. the estimated annual payment to be made with respect to current services; and
3. the amount of such annual payments to be made for the benefit of
(i) each person named in subsection (7) hereof,
(ii) directors and officers as a group, and
(iii) employees as a group,
(c) if the plan to be acted upon may be amended (other than by a vote of securityholders) in a manner which would materially increase the cost thereof to the insurer or to materially alter the allocation of the benefits as between the groups specified in sub-paragraph (b)(3) of this subsection, the nature of such amendments should be specified.
(10) Options, Warrants, or Rights. If action is to be taken with respect to the granting or extension of any options, warrants or rights (all referred to herein as "warrants") to purchase securities of the insurer or any subsidiary or affiliate, other than warrants issued to all securityholders on a pro rata basis, furnish the following information:
(a) the title and amount of security called for or to be called for, the prices, expiration dates and other material conditions upon which the warrants may be exercised, the consideration received or to be received by the insurer, subsidiary or affiliate for the granting or extension of the warrants and the market value of the security called for or to be called for by the warrants, as of the latest practicable date,
(b) if known, state separately the amount of securities called for or to be called for by warrants received or to be received by the following person, naming each such person:
1. each person named in subsection (7), and
2. each other person who will be entitled to acquire five percent or more of the securities called for or to be called for by such warrants,
(c) if known, state also the total amount of securities called for or to be called for by such warrants, received or to be received by all directors and officers of the company as a group and all employees, without naming them.
(11) Authorization of issuance of securities.
(a) if action is to be taken with respect to the authorization or issuance of any security of the insurer furnish the title, amount and description of the security to be authorized or issued,
(b) if the securities are other than additional shares of common stock of a class outstanding, furnish a brief summary of the following, if applicable: dividend, voting, liquidation, preemptive, and conversion rights, redemption and sinking fund provisions, interest rate and date of maturity,
(c) if the securities to be authorized or issued are other than additional shares of common stock of a class outstanding, the Commissioner may require financial statements comparable to those contained in the annual report.
(12) Mergers, Consolidations, Acquisitions and Similar Matters.
(a) if action is to be taken with respect to merger, consolidation, acquisition, or similar matter, furnish in brief outline the following information:
1. the rights of appraisal or similar of dissenters with respect to any matters to be acted upon. Indicate any procedure required to be followed by dissenting securityholders in order to perfect such rights,
2. the material features of the plan or agreement,
3. the business done by the company to be acquired or whose assets are being acquired,
4. if available, the high and low sales prices for each quarterly period within two years,
5. the percentage of outstanding shares which must approve the transaction before it is consummated,
(b) for each company involved in a merger, consolidation or acquisition, the following financial statements should be furnished:
1. a comparative balance sheet as of the close of the last two fiscal years,
2. a comparative statement of operating income and expenses for each of the last two fiscal years and, as a continuation of each statement, a statement of earning per share after related taxes and cash dividends paid per share,
3. a pro forma combined balance sheet and income and expense statement for the last fiscal year giving effect to the necessary adjustments with respect to the resulting company.
(13) Restatement of accounts. If action is to be taken with respect to the restatement of any asset, capital, or surplus of the insurer, furnish the following information:
(a) state the nature of the restatement and the date as of which it is to be effective,
(b) outline briefly the reasons for the restatement and for the selection of the particular effective date,
(c) state the name and amount of each account affected by the restatement and the effect of the restatement thereon.
(14) Matters not required to be submitted. If action is to be taken with respect to any matter which is not required to be submitted to a vote of securityholders, state the nature of such matter, the reason for submitting it to a vote of securityholders and what action is intended to be taken by the management in the event of a negative vote on the matter by the securityholders.
(15) amendment of charter, by-laws, or other documents. If action is to be taken with respect to any amendment of the insurer's charter, by-laws or other documents as to which information is not required above, state briefly the reasons for and general effect of such amendment and the vote needed for its approval.

Rule 120-2-7-.13 Information to be Included in Statements Filed by or on Behalf of a Participant (Other Than the Insurer) in a Proxy Solicitation in an Election Contest

(1) Insurer. State the name and address of the insurer.
(2) Identity and Background.
(a) state the following:
1. participant's name and business address.
2. participant's present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is carried on.
(b) state the following:
1. participant's residence address.
2. information as to all material occupations, positions, offices or employments during the last ten years, giving starting and ending dates of each and the name, principal business and address of any business corporation or other business organization in which each such occupation, position, office or employment was carried on.
(c) state whether or not participant is or has been a participant in any other proxy contest involving this company or other companies within the past ten years. If so, identify the principals, the subject matter and participant's relationship to the parties and the outcome.
(d) state whether or not, during the past ten years, participant has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and, if so, give dates, nature of conviction, name and location of court, and penalty imposed or other disposition of the case. A negative answer to this requirement need not be included in the proxy statement or other proxy soliciting material.
(3) Interest in stock of the insurer.
(a) state the amount of each class of securities of the insurer which participant owns beneficially, directly or indirectly.
(b) state the amount of each class of securities of the insurer which participant owns of record but not beneficially.
(c) state, with respect to all securities of the insurer, the amounts acquired or sold within the past two years, the dates on which they were purchased or sold and the amount purchased or sold on each date.
(d) if any part of the purchase price or market value of any of the securities specified in (c) is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities, so state and indicate the amount of the indebtedness as of the latest practicable date. If such funds were borrowed or obtained otherwise than pursuant to a margin account or bank loan in the regular course of business of a bank, broker or dealer, briefly describe the transaction, and state the names of the parties.
(e) state whether or not participant is a party to any contracts, arrangements or understandings with any persons with respect to any securities of the insurer, including but not limited to joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. If so, name the persons with whom such contracts, arrangements, or understandings exist and give the details thereof.
(f) state the amount of securities of the insurer owned beneficially, directly or indirectly, by each of participant's associates and the name and address of each such associate.
(g) state the amount of each class of securities of any parent, subsidiary or affiliate of the insurer which participant owns beneficially, directly or indirectly.
(4) Further Matters.
(a) describe the time and circumstances under which participant became a participant in the solicitation and state the nature and extent of participant's activities or proposed activities as a participant.
(b) describe briefly, and where practicable state the approximate amount of, any material interest, direct or indirect, of participant and of each of participant's associates in any material transactions since the beginning of the company's last fiscal year, or in any material proposed transactions, to which the company or any of its subsidiaries or affiliates was or is to be a party.
(c) state whether or not participant or any of participant's associates have any arrangements or understanding with any person:
1. with respect to any future employment by the insurer or its subsidiaries or affiliates; or
2. with respect to any future transactions to which the insurer or any of its subsidiaries or affiliates will or may be a party. If so, describe such arrangement or understanding and state the names of the parties thereto.
(5) Certification, Signature. The participant or his authorized representative shall certify as to the truthfulness, completeness and correctness, to the best of their knowledge and belief and shall date and sign such statement.