West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-04 - Insider Trading Of Equity Securities Of A Domestic Stock Insurer › Section 114-4-3 - Regulations Under Subsection (a) Of West Virginia Code Section Thirty, Article Five, Chapter Thirty-three

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Filing of
				statements. -- Initial statements of beneficial ownership of equity securities
				required by subsection (a) of the Act shall be filed on Form 3, attached hereto.
				Statements of changes in such beneficial ownership required by subsection (a) of the
				Act shall be filed on Form 4, attached hereto. All such statements shall be prepared
				and filed in accordance with the requirements of the applicable form.
3.2. Ownership of more than ten percent (10%) of
				an equity security. -- In determining, for the purpose of subsection (a) of the Act
				whether a person is the beneficial owner, directly or indirectly, of more than ten
				percent (10%) of any class of any equity security, such class shall be deemed to
				consist of the total amount of such class outstanding, exclusive of any securities
				of such class held by or for the account of the insurer or a subsidiary of the
				insurer; except that for the purpose of determining percentage ownership of voting
				trust certificates or certificates of deposit for equity securities, the class of
				voting trust certificates or certificates of deposit shall be deemed to consist of
				the amount of voting trust certificates or certificates of deposit issuable with
				respect to the total amount of outstanding equity securities of the class which may
				be deposited under the voting trust agreement or deposit agreement in question,
				whether or not all of such outstanding securities have been so deposited. For the
				purpose of this section a person acting in good faith may rely on the information
				contained in the latest Convention Form Statement filed with the Commissioner with
				respect to the amount of securities of a class outstanding or in the case of voting
				trust certificates or certificates of deposit the amount thereof issuable.
3.3. Disclaimer of beneficial ownership. -- Any
				person filing a statement may expressly declare therein that the filing of such
				statement shall not be construed as an admission that such person is, for the
				purpose of the West Virginia Code section thirty, article five, chapter
				thirty-three, the beneficial owner of any equity securities covered by the
				statement.
3.4. Exemptions from
				subsections (a) and (b) of West Virginia Code section thirty, article five, chapter
				thirty-three.
(a) During the period of twelve (12)
				months following their appointment and qualification, securities held by the
				following persons shall be exempt from subsections (a) and (b) of the Act:
(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.