Connecticut Administrative Code
Title 38a - Insurance Department
124 - Insider Trading of Domestic Stock Insurance Company Equity Securities
Section 38a-124-19 - Exemption from sections 38a-118 and 38a-119

Universal Citation: CT Reg of State Agencies 38a-124-19

Current through March 14, 2024

(a) During the period of twelve moths following their appointment and qualification, securities held by the following persons shall be exempt from sections 38a-118 and 38a-119 of the 1965 supplement to the general statutes:

(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 twelve-month period following their appointment or qualification the foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under section 38a-118 of said supplement and shall be liable for profits realized from trading in such securities pursuant to section 38a-119 of said supplement only when the estate being administered is a beneficial owner of more than ten per cent of any class of equity security which is an issuer subject to the act.

(c) Securities reacquired by or for the account of an issuer and held by it for its account shall be exempt from sections 38a-118 and 38a-119 of said supplement during the time they are held by the issuer.

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