La. Admin. Code tit. 37 § XIII-7559

Current through Register Vol. 50, No. 9, September 20, 2024

Section XIII-7559 - Arbitrage Transactions under Section 1529 of the Act

A. It shall be unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of such insurer, unless he shall include such transaction in the statements required by Section 1525 of the Act and shall account to such insurer for the profits arising from such transaction, as provided in Section 1526 thereof. The provisions of Section 1527 shall not apply to such arbitrage transactions. The provisions of the Act shall not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than such director or officer of the insurer.

La. Admin. Code tit. 37, § XIII-7559

Promulgated by the Department of Insurance, Commissioner of Insurance, July 1, 1966, amended April 1, 1967.

AUTHORITY NOTE: Promulgated in accordance with R.S. 22:2.