Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter A - General Application › Section XIII-7501 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Act
- Act 8 of the 1966 Legislature of
					 Louisiana.
Class
- all securities of an insurer which
					 are of substantially similar character and the holders of which enjoy
					 substantially similar rights and privileges.
Equity Security
- 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.
Insurer
- any domestic stock insurance
					 company, with an equity security subject to the provisions of Act 8 of the 1966
					 Legislature of Louisiana and not exempt thereunder.
Officer
- 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.
Securities Held of Record
-
1. for the purpose of determining whether the equity
					 securities of an insurer are held of record by 100 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 records 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 an 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 as 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;
2. notwithstanding Paragraph 1 of this definition:
a. securities held, to the knowledge of the insurer,
					 subject to a voting trust, deposit agreement or similar arrangement shall be
					 included as held of record by the record holders of the voting trust
					 certificates, certificates of deposit receipts or similar evidences of interest
					 in such securities; provided, however, that the insurer may rely in good faith
					 on such information as is received in response to its request from a
					 nonaffiliated insurer of the certificates or evidences of interest;
b. if the insurer knows or has reason to know that the form
					 of holding securities of record is used primarily to circumvent the provisions
					 of the Act, the beneficial owners of such securities shall be deemed to be the
					 record owners thereof.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 22:2.