Mich. Admin. Code R. 500.545
Current through Vol. 24-19, November 1, 2024
Rule 545. It is unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of the insurer, unless he includes the transaction in the statements required by section 5282 of the act and accounts to the insurer for the profits arising from the transaction, as provided in section 5283.The provisions of section 5284do not apply to such arbitrage transactions. The provisions of the act do not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than a director or officer of the insurer.
Mich. Admin. Code R. 500.545