(a) Any sale of a subscription right to acquire any subject security of the same insurer shall be exempt from the provision of Section 2 of Acts 1965, No. 107, to the extent prescribed in this section, as not comprehended within the purpose of said section of the act, if:

1. (1) Such subscription right is acquired, directly or indirectly, from the insurer without the payment of consideration;
2. (2) Such subscription right by its terms expires within forty-five (45) days after the issuance thereof;
3. (3) Such subscription right by its terms is issued on a pro rata basis to all holders of the beneficiary security of the insurer; and
4. (4) A registration statement under the Securities Act of 1933, 15 U.S.C. § 77a et seq., is in effect as to each subject security, or the applicable terms of any exemption from such registration have been met in respect to each subject security.

(b) When used within this section, the following terms shall have the meaning indicated:

1. (1) "Subscription right" means any warrant or certificate evidencing a right to subscribe to or otherwise acquire an equity security;
2. (2) "Beneficiary security" means a security registered pursuant to the Securities Exchange Act, 15 U.S.C. § 78I, to the holders of which a subscription right is granted; and
3. (3) "Subject security" means a security which is the subject of a subscription right.