Section 760 IAC 1-12-7 - Exemption of securities held by fiduciary or for account of insurer; reportsAuthority: IC 27-1-3-7
Affected: IC 27-2-10-1; IC 27-2-10-2
Sec. 7.
Exemptions from Sections 1 and 2 [IC 27-2-10-1 and IC 27-2-10-2 ]of the Act.
(a) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from Sections 1 and 2 [IC 27-2-10-1 and IC 27-2-10-2 ]of the Act: (1) Executors or administrators of the estate of a decedent;(2) Guardians or committees for an incompetent; and(3) Receivers, trustees in bankruptcy, assigners 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 estates which they administer under Section 1 [IC 27-2-10-1 ]of the Act and shall be liable for profits realized from trading in such securities pursuant to Section 2 [IC 27-2-10-2 ]of the Act only when the estate being administered is a beneficial owner of more than 10 per cent of any class of equity security of an insurer subject to the Act [IC 27-2-10 ].(c) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from Sections 1 and 2 [IC 27-2-10-1 and IC 27-2-10-2 ]during the time they are held by the insurer.Department of Insurance; Reg 12,III,Sec 1-4; filed Jun 7, 1966, 9:00 am: Rules and Regs. 1967, p. 102; filed Jan 6, 1970, 8:40 am: Rules and Regs. 1971, p. 170; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed November 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFAReadopted filed 11/19/2019, 9:18 a.m.: 20191218-IR-760190497RFA Renumbered Reg 12, II, Sec 1-4 by 1971 amendment.