(1) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from T.C.A. § 56-3-702 and § 56-3-703.
- (a) Executors or administrators of the estate of a decedent;
- (b) Guardians or committees for an incompetent; and
- (c) 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.
- (2) After the 12-month period following their appointment of qualification the foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under T.C.A. § 56-3-702 and shall be liable for profits realized from trading in such securities pursuant to T.C.A. § 56-3-703 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. OF EQUITY SECURITIES OF A DOMESTIC STOCK INSURANCE COMPANY
- (3) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from T.C.A. § 56-3-702 and § 56-3-703 during the time they are held by the insurer.
Authority: T.C.A. §56-3-708 to implement T.C.A. §56-3-702. Administrative History: Original rule certified June 10, 1974.