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31.04.10.00.htm 31.04.10.00. Title 31 MARYLAND INSURANCE ADMINISTRATION Subtitle 04 INSURERS Chapter 10 Domestic Insurers―Insider Trading Authority: Insurance Article, §2-109 and 3-119, Annotated Code of Maryland
31.04.10.01.htm 31.04.10.01. 01 General.. The purchase and sale of equity securities issued by domestic stock insurance companies or their affiliates by the beneficial owners, directors, or officers of these companies are subject to regulation under these regulations. In respect of "short-swing" purchase and sale, or sale and purchase, of equity securities by persons regulated by Insurance Article, §3-119, Annotated Code of Maryland, the basic purpose is to prevent "insiders" from retain
31.04.10.02.htm 31.04.10.02. 02 Conformity to Federal Rule.. Any beneficial owners, directors, or officers of the insurer satisfying the requirements of the U.S. Securities & Exchange Commission on insider trading (see SEC reg. 240.16b-1 et seq. will be considered to have complied with the "insider" provisions and requirements of this chapter and of Insurance Article, §3-119(e) Annotated Code of Maryland.
31.04.10.03.htm 31.04.10.03. 03 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Certain Transactions Effected in Connection with a Distribution.A. Any transaction of purchase and sale, or sale and purchase, of a security which is effected in connection with the distribution of a substantial block of securities shall be exempt from the provisions of Insurance Article, §3-119(e) Annotated Code of Maryland, to the extent specified in this chapter, as not comprehended
31.04.10.04.htm 31.04.10.04. 04 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Acquisitions of Shares of Stock and Stock Options under Certain Stock Bonus, Stock Option, or Similar Plans.Any acquisition of shares of stock (other than stock acquired upon the exercise of an option, warrant, or right) pursuant to a stock bonus, profit sharing, retirement, incentive, thrift, savings or similar plan, or any acquisition of a qualified or a restricted stock option plan, or a stock option p
31.04.10.05.htm 31.04.10.05. 05 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Certain Transactions in which Securities Are Received by Redeeming Other Securities.Any acquisition of an equity security (other than a convertible security or right to purchase a security) by a director or officer of the issuer issuing the security shall be exempt from the operation of Insurance Article, §3-119(e) Annotated Code of Maryland, upon condition that:A. The equity security is
31.04.10.06.htm 31.04.10.06. 06 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Long-Term Profits Incident to Sales within 6 Months of the Exercise of an Option.A. To the extent specified in §B of this regulation, the Insurance Commissioner hereby exempts as not comprehended within the purposes of Insurance Article, §3-119(e) Annotated Code of Maryland, any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security if the purchase is p
31.04.10.07.htm 31.04.10.07. 07 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Certain Acquisitions and Dispositions of Securities Pursuant to Merger or Consolidations.A. The following transactions shall be exempt from the provisions of Insurance Article, §3-119(e) Annotated Code of Maryland, as not comprehended within the purpose of that statute:1) The acquisition of a security of an issuer pursuant to a merger or consolidation, in exchange for a security of a company
31.04.10.08.htm 31.04.10.08. 08 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Transactions Involving the Deposit or Withdrawal of Equity Securities under a Voting Trust or Deposit Agreement.Any acquisition or disposition of an equity security involved in the deposit of the security under, or the withdrawal of the security from, a voting trust or deposit agreement, and the acquisition or disposition in connection therewith of the certificate representing the sec
31.04.10.09.htm 31.04.10.09. 09 Exemption from Insurance Article, §3-119(e) Annotated Code of Maryland, of Transactions Involving the Conversion of Equity Securities.A. Any acquisition or disposition of an equity security involved in the conversion of an equity security which, by its terms or pursuant to the terms of the corporate charter or other governing instruments, is convertible immediately or after a stated period of time into another equity security of the same issuer, shall be exempt from the operation
31.04.10.9999.htm 31.04.10. Administrative History Effective date: May 15, 1969 -. Chapter recodified from COMAR 09.30.38 to COMAR 31.04.10, July 1998.
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