(1) Securities shall be deemed to
be "held of record" by each person who is identified as the owner of the
securities on a record of security holders maintained by or on behalf of the
insurer, subject to the following:
(A) In
each case where the records of security holders have not been maintained in
accordance with accepted practice, each additional person who would be
identified as an owner on such records if they had been maintained in
accordance with accepted practice shall be included as a holder of record.
(B) Securities identified as held
of record by a corporation, a partnership, a trust whether or not the trustees
are named, or other organization shall be considered to be held by one person.
(C) Securities identified as held
of record by one or more persons as trustees, executors, guardians, custodians
or in other fiduciary capacities with respect to a single trust, estate or
account shall be considered to be held of record by one person.
(D) Securities held by two or more persons as
co-owners shall be considered to be held by one person.
(E) Each outstanding unregistered or bearer
certificate shall be considered to be held of record by a separate person,
except to the extent the insurer can establish that if the securities were
registered they would be held of record under the provisions of this rule by a
lesser number of persons.
(F)
Securities registered in substantially similar names where the insurer has
reason to believe, because of the address or other indications, that the names
represent the same person, may be included as held of record by one person.
(2) Notwithstanding
subsection (1) of this paragraph:
(A)
Securities held with the knowledge of the insurer that they are subject to a
voting trust, deposit agreement, or similar arrangement shall be of interest in
the securities. The insurer may rely in good faith on information received in
response to its request from a nonaffiliate of the certificates or evidence of
interest.
(B) If the insurer knows
or has reason to know that the method of holding securities of record is used
primarily to circumvent the provisions of a statute or these regulations, the
beneficial owners of the securities shall be deemed the record owners.
