Virginia Administrative Code › Title 14 - INSURANCE › Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE › Chapter 250 - RULES, REGULATIONS AND FORMS RELATING TO RESTRICTIONS ON THE PURCHASE AND SALE OF EQUITY SECURITIES OF DOMESTIC STOCK INSURANCE COMPANIES › Section 14VAC5-250-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
As used in this chapter, unless the context requires a
				  different meaning:
"Act" means Section 38.2-214 of the Code of Virginia.
"Class" means all securities of an insurer which are of
				  substantially similar character and the holders of which enjoy substantially
				  similar rights and privileges.
"Commission" means the State Corporation Commission of
				  Virginia.
"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.
"Insurer" means any domestic stock insurance company with an
				  equity security subject to the provisions of Section 38.2-214 of the Code of
				  Virginia and not exempt thereunder.
"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.
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 chapter,
				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.