copies of any portion of the annual report to stockholders referred to in ARM
6.6.1304(2) and (3) , which comments upon or refers to any solicitation subject
to this sub-chapter or to any participant in the solicitation, other than
the solicitation by the management, shall be filed with the commissioner of
insurance as proxy material subject to this sub-chapter and sub-chapter
copies shall be filed in preliminary form at least 5 business days prior to the
date copies of the report are first sent or given to stockholders.