A. During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from subsections A and B of the Act (Section 38.2-214 of the Code of Virginia):
- 1. Executors or administrators of the estate of a decedent;
- 2. Guardians or committees for an incompetent; and
- 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 12-month period following their appointment or qualification, the foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under subsection A of the Act and shall be liable for profits realized from trading in such securities pursuant to subsection B of the Act only when the estate being administered is a beneficial owner of more than 10% of any class of equity security of an insurer subject to the Act.
- C. Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from subsections A and B of § 38.2-214 during the time they are held by the insurer.
Statutory Authority
§ 38.2-214 of the Code of Virginia.
Historical Notes
Derived from Regulation 5, Case No. 18773, Rule 6, eff. April 1, 1970.