The Property Casualty Insurers Association of America (PCI) is urging Louisiana insurers to make certain that they are using the proper proxy form for the June 15, 2006, election of the Louisiana Insurance Guaranty Association (LIGA) board of directors.
The proxy form that was recently mailed from LIGA’s offices was not submitted for approval at a properly noticed meeting of the board of directors. PCI does not believe that this proxy complies with LIGA’s plan of operation or current Louisiana law. The new form substantially changes the way a proxy is appointed, if a specific individual is not designated as the proxy. This change may affect the quorum and actions taken at the annual meeting, including elections to the board, which may be declared invalid.
In the interest of protecting insurers’ voting rights, PCI is encouraging that proxies cast on the new form be resubmitted on the LIGA form that has been used for many years to elect the board of directors. They also recommend having true long-term industry representatives be designated including either Michael Gray of the Gray Insurance Company or Terrence Hardin of State Farm.
The legally approved proxy form contains the following information:
MEMBER INSURER PROXY FOR ANNUAL MEETING OF THE LOUISIANA INSURANCE GUARANTY ASSOCIATION
The undersigned Member Insurer of the Louisiana Insurance Guaranty Association does hereby appoint_____________________, or a majority of the member insurer representatives of the Board of Directors, as its proxy, with full power of substitution, to vote for and otherwise act on behalf of the undersigned Member insurer at the Annual Meeting of Member Insurers to be held at 9:00 A.M. on June 15, 2006 at the Louisiana Insurance Guaranty Association, 2142 Quail Run Drive, Baton Rouge, Louisiana and at any adjournments or continuance thereof. This proxy shall be voted as determined by the holder of this proxy for membership on the Louisiana Insurance Guaranty Association Board of Directors and for any other business, which arises at the Annual Meeting of the Member Insurers and at any adjournments or continuances thereof.
Dated This ________________ Day of June, 2006
_______________________________________
(Print Name of Member Insurer)
NAIC # ________________________________
The proxy should be sent to:
LIGA
2142 Quail Run Drive
Baton Rouge, LA, 70807
Source: PCI
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