Current through Register Vol. 48, No. 51, June 17, 2024
Part 2715.6400 - ARBITRAGE TRANSACTIONS UNDER CLAUSE (5) OF THE ACT 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:
A. the director or officer shall include such transaction in the statements required by clause (1) of the act; andB. the director or officer shall account to such insurer for the profits arising from such transaction, as provided in clause (2) of the act. The provisions of clause (3) of the act 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.Statutory Authority: MS s 60A.22