3 Colo. Code Regs. § 702-3-2-2-17

Current through Register Vol. 48, No. 1, January 10, 2025

Section 3 CCR 702-3-2-2-17 - Exemption from Section 10-3-120(2), C.R.S., of Certain Transactions in Which Securities Are Received By Redeeming Other Securities

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 Section 10-3-120(2), C.R.S., upon condition that:

A. 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

1. Represented substantially and in practical effect a stated or readily ascertainable amount of such equity security;

2. Had a value which was substantially determined by the value of the equity security; and

3. Conferred upon the holder the right to receive the equity security without the payment of consideration other than the security redeemed;

B. 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;

C. The insurer issuing the equity security acquired has recognized the applicability of Subsection A of this section by appropriate corporate action.

3 CCR 702-3-2-2-17

37 CR 20, October 25,2014, effective 11/15/2014

37 CR 20, October 25,2014, effective 1/1/2015

37 CR 23, December 10, 2014, effective 1/1/2015

38 CR 17, September 10, 2015, effective 10/1/2015

39 CR 05, March 10, 2016, effective 4/1/2016

39 CR 14, July 25, 2016, effective 8/15/2016

39 CR 23, December 10, 2016, effective 1/1/2017

40 CR 03, February 10, 2017, effective 3/15/2017

40 CR 05, March 10, 2017, effective 4/1/2017

40 CR 13, July 10, 2017, effective 8/1/2017

40 CR 17, September 10, 2017, effective 11/1/2017

43 CR 06, March 25, 2020, effective 4/15/2020

44 CR 03, February 10, 2021, effective 3/15/2021

44 CR 23, December 10, 2021, effective 1/1/2022

46 CR 03, February 10, 2023, effective 3/2/2023