2004 Minnesota Statutes

     61A.32 Domestic mutual and stock and mutual companies; 
  voting rights of members. 

    Every person insured by a domestic mutual life insurance 
 company, and every participating policyholder of a domestic 
 stock and mutual life insurance company as defined in sections 
 61A.33 to 61A.36, shall be a member, entitled to one vote and 
 one vote additional for each $1,000 of insurance in excess of 
 the first $1,000; provided, that no member shall be entitled to 
 more than 100 votes; and, provided, further, that in the case of 
 group insurance on employees such group shall be deemed to be a 
 single member and the employer shall be deemed to be such member 
 for the purpose of voting, having not to exceed 100 votes, 
 provided, that in cases where the employees pay all or any part 
 of the premium, either directly or by payroll deductions, the 
 employees shall be allowed to choose their representative, who 
 shall exercise a voting power in proportion to the percentage of 
 premium paid by such employees.  Every member shall be notified 
 of its annual meetings by a written notice mailed to the 
 member's address, or by an imprint on the back of the policy, 
 premium notice, receipt or certificate of renewal, as follows: 

    "The insured is hereby notified that by virtue of this 
 policy the insured is a member of the .......... Insurance 
 Company, and that the annual meetings of said company are held 
 at its home office on the ..... day of ..... in each year, at 
 .......... o'clock."  

    The blanks shall be duly filled in print.  Any such member 
 may vote by proxy by filing written proxy appointment with the 
 secretary of the company at its home office at least five days 
 before the first meeting at which it is to be used.  Such proxy 
 appointment may be for a specified period of time not to exceed 
 one year.  A proxy may be revoked by a member at any time by 
 written notice to the secretary of the company or by executing a 
 new proxy appointment and filing it as required herein:  
 provided, however, that any member may always appear personally 
 and exercise rights as a member at any meeting of the company.  

    A domestic mutual life insurance company may by its 
 articles of incorporation or bylaws provide for a representative 
 system of voting in any meeting of members.  The articles or 
 bylaws may provide for the selection of representatives from 
 districts as therein specified, such representatives to 
 represent approximately equal numbers of members with power to 
 exercise all the voting powers, rights and privileges of the 
 members they represent with the same force and effect as might 
 be exercised by the members themselves.  In such a 
 representative system the votes cast by the representative shall 
 be one vote for each member, notwithstanding the amount of 
 insurance carried, and proxy voting shall not be permitted; 
 provided, however, that any member may always appear personally 
 and exercise rights as a member of the company at any meeting of 
 the membership.  

    HIST: 1967 c 395 art 2 s 32; 1986 c 444; 1996 c 446 art 2 s 9