1. (1) A director or officer of an insurer may not effect a foreign or domestic arbitrage transaction in an equity security of an insurer unless the director or officer:

   1. (a) includes the transaction in the statements required by Subsection 31A-5-303(1); and
   2. (b) accounts to an insurer for the profits arising from the transaction as provided in Subsection 31A-5-303(2).
2. (2) Subsection 31A-5-303(3) does not apply to an arbitrage transaction.
3. (3) Section 31A-5-303 does not apply to any bona fide foreign or domestic arbitrage transaction effected by a person other than the director or officer of the insurer.

KEY: insurance law

Date of Last Change: June 9, 2023

Notice of Continuation: April 1, 2022

Authorizing, and Implemented or Interpreted Law: 31A-2-201; 31A-5-303