14 Va. Admin. Code § 5-250-60

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-250-60 - Exemptions from subsections A and B 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 subsections A and B of the Act (Section 38.2-214 of the Code of Virginia):

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 foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under subsection A of the Act and shall be liable for profits realized from trading in such securities pursuant to subsection B of the Act only when the estate being administered is a beneficial owner of more than 10% 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 subsections A and B of § 38.2-214 during the time they are held by the insurer.

14 Va. Admin. Code § 5-250-60

Derived from Regulation 5, Case No. 18773, Rule 6, eff. April 1, 1970.

Statutory Authority

§ 38.2-214 of the Code of Virginia.