(a) During the period of twelve (12) months following their appointment and qualification, securities held by the following persons shall be exempt from Acts 1965, No. 107, §§ 1 and 2:

1. (1) Executors or administrators of the estate of a decedent;
2. (2) Guardians or committees for an incompetent; and
3. (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 twelve-month period following their appointment or qualification the foregoing persons shall be:

1. (1) Required to file reports with respect to the securities held by the estates which they administer under Section 1 of the act; and
2. (2) Liable for profits realized from trading in such securities pursuant to Section 2 of the act only when the estate being administered is a beneficial owner of more than ten percent (10%) of any class of equity security of an insurer subject to the act.