Section 760IAC1-12-24. Arbitrage transactions by director or officer of insurer

   Regulation under Section 5 [IC 27-2-10-5] of the Act. Arbitrage Transactions under Section 5 [IC 27-2-10-5] 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 he shall include such transaction in the statements required by Section 1 [IC 27-2-10-1] of the Act and shall account to such insurer for the profits arising from such transaction, as provided in Section 2 [IC 27-2-10-2] thereof. The provisions of Section 3 [IC 27-2-10-3] shall not apply to such arbitrage transactions. The provisions of the Act [IC 27-2-10] 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. (Department of Insurance; Reg 12,VI,1; filed Jun 7, 1966, 9:00 am: Rules and Regs. 1967, p. 113; filed Jan 6, 1970, 8:40 am: Rules and Regs. 1971, p. 181; readopted filed Sep 14, 2001, 12:22 p.m.: 25 IR 531; readopted filed Nov 27, 2007, 4:01 p.m.: 20071226-IR-760070717RFA; readopted filed Nov 26, 2013, 3:43 p.m.: 20131225-IR-760130479RFA)