California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 5 - Stock Insurers-Corporate Affairs
Article 2 - Insider Trading
Section 2682.6 - Exemptions from Section 1104.3

Universal Citation: 10 CA Code of Regs 2682.6

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from Section 1104.3:

(1) Executors or administrators of the estate of a decedent;

(2) Guardians or committees for an incompetent; and

(3) Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents, and other similar persons duly authorized by law to administer the estate or assets of other persons.

(b) After the 12-month period following their appointment or qualification the foregoing persons shall be required to file reports with respect to the securities held by the estate which they administer under Section 1104.2 and shall be liable for profits realized from trading in such securities pursuant to Section 1104.3 only when the estate being administered is a beneficial owner of more than 10 percent of any class of equity security of an insurer subject to Sections 1104.2 to 1104.8.

(c) Securities re-acquired by or for the account of an insurer and held by it for its account shall be exempt from Section 1104.3 during the time they are held by the insurer.

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