N.J. Admin. Code § 11:2-9.6

Current through Register Vol. 57, No. 1, January 6, 2025

Section 11:2-9.6 - Exemptions from N.J.S.A 17:17B-1 and 2

(a) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from N.J.S.A. 17:17B-1 and 17:17B-2:

1. Executors or administrators of the estate of a decedent;

2. Guardians or committees for an incompetent; and

3. Receivers, trustees in bankruptcy, assignees 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 persons listed in (a) above shall be required to file reports with respect to the securities held by the estates which they administer under N.J.S.A. 17:17B-1. Persons listed in (a) above shall be liable for profits realized from trading in such securities pursuant to N.J.S.A. 17:17B-2 only when the estate being administered is a beneficial owner of more than 10 percent of any class of equity security of an insurer subject to the Act.

(c) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from N.J.S.A. 17:17B-1 and 17:17B-2 during the time they are held by the insurer.

N.J. Admin. Code § 11:2-9.6

Amended by R.1996 d.3, effective 1/2/1996.
See: 27 New Jersey Register 3278(b), 28 New Jersey Register 152(b).