New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 9 - INSIDER TRADING OF DOMESTIC STOCK INSURANCE COMPANY EQUITY SECURITIES
Section 11:2-9.14 - Exemption from N.J.S.A 17:17B-2-certain transactions in which securities are received by redeeming other securities
Universal Citation: NJ Admin Code 11:2-9.14
Current through Register Vol. 56, No. 24, December 18, 2024
(a) Any acquisition of an equity security (other than a convertible security or right to purchase a security) by a director or officer of the insurer issuing such security shall be exempt from the operation of N.J.S.A. 17:17B-2 upon condition that:
1. The equity security is acquired by way of
redemption of another security of an insurer, substantially all of whose assets
other than cash (or Government bonds) consist of securities of the insurer
issuing the equity security so acquired, and which:
i. Represented substantially and in practical
effect a stated or readily ascertainable amount of such equity
security;
ii. Had a value which was
substantially determined by the value of such equity security; and
iii. Conferred upon the holder the right to
receive such equity security without the payment of any consideration other
than the security redeemed.
2. No security of the same class as the
security redeemed was acquired by the director or officer within six months
prior to such redemption or is acquired within six months after such
redemption.
3. The insurer issuing
the equity security acquired has recognized the applicability of (a) above by
appropriate corporate action.
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