California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 5 - Stock Insurers-Corporate Affairs › Article 2 - Insider Trading › Section 2682.1 - Definition of Certain Terms

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) "Insurer" means any domestic stock
				  insurance company, with an equity security subject to the provisions of Section
				  1104.2 to
				  1104.8, both inclusive, of the
				  California Insurance Code, and not exempt thereunder.
(b) Section numbers refer to sections of the
				  California Insurance Code unless the context of the reference otherwise
				  requires. Sections
				  1104.2 to
				  1104.8, both inclusive, are the
				  provisions relating to insider trading enacted by Chapter 38 of the Statutes of
				  1965.
(c) "Officer" means a
				  president, vice president, treasurer, actuary, secretary, controller and any
				  other person who performs for the insurer functions corresponding to those
				  performed by the foregoing officers.
(d) "Equity security" means any stock or
				  similar security; or any voting trust certificate or certificate of deposit for
				  such a security; or any security convertible, with or without consideration
				  into such a security, or carrying any warrant or right to subscribe to or
				  purchase such a security; or any such warrant or right.
(e) Securities "held of record."
(1) For the purpose of determining whether
				  Section 2682.2 herein is applicable to the
				  equity security holders of an insurer because, pursuant to the provisions of
				  Section 1104.8 the equity securities of
				  such insurer are held of record by one hundred or more persons, securities
				  shall be deemed to be "held of record" by each person who is identified as the
				  owner of such securities on record of security holders maintained by or on
				  behalf of the insurer, subject to the following:
(a) In any case where the records of security
				  holders have not been maintained in accordance with accepted practice, any
				  additional person who would be identified as such as owner on such records if
				  they had been maintained in accordance with accepted practice shall be included
				  as a holder of record.
(b)
				  Securities identified as held of record by a corporation, a partnership, a
				  trust whether or not the trustees are named, or other organization shall be
				  included as so held by one person.
(c) Securities identified as held of record
				  by one or more persons in trustees, executors, guardians, custodians or in
				  other fiduciary capacities with respect to a single trust, estate or account
				  shall be included as held of record by one person.
(d) Securities held by two or more persons as
				  co-owners shall be included as held by one person.
(e) Each outstanding unregistered or bearer
				  certificate shall be included as held of record by a separate person, except to
				  the extent that the insurer can establish that, if such securities were
				  registered, they would be held of record, under the provisions of this rule, by
				  a lesser number of persons.
(f)
				  Securities registered in substantially similar names where the insurer has
				  reason to believe because of the address or other indications that such names
				  represent the same person, may be included as held of record by one
				  person.