1The following rules and regulations shall be applicable to and govern all domestic stock insurers having one hundred or more stockholders; provided, however, that said rules shall not apply to any insurer if ninety-five percent or more of its stock is owned or controlled by a parent or an affiliated insurer and the remaining shares are held by less than five hundred stockholders. 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 and Exchange Act of 1934, the Securities and Exchange Acts Amendments of 1964, and Regulation X-14 of the Securities and Exchange Commission promulgated thereunder, shall be exempt from the provisions of said rules.
