Section R590-68-17 - Exemption from Subsection 31A-5-303(2) of Certain Transactions in Which Securities Are Received by Redeeming Other SecuritiesAn acquisition of an equity security, other than a convertible security or right to purchase a security, by a director or officer of the insurer issuing the security, is exempt from Subsection 31A-5-303(2) if:
(1) the equity security is acquired by way of redemption of another security of an insurer whose assets, other than cash or government bonds, consist of securities of the insurer issuing the acquired equity security and which: (a) is a stated or readily ascertainable amount of the equity security;(b) has a value that is determined by the value of the equity security; and(c) confers upon the holder the right to receive the equity security without the payment of consideration other than the security redeemed;(2) no security of the same class as the security redeemed is acquired by the director or officer within: (a) six months before redemption; or(b) six months after redemption; and(3) the insurer issuing the equity security acquired recognizes the applicability of Subsection (1) by appropriate corporate action.Utah Admin. Code R590-68-17
Adopted by Utah State Bulletin Number 2023-12, effective 6/9/2023