23 CAR § 1-202. Participant or participant in a solicitation

For purposes of this subpart: (1) The terms “participant” and “participant in a solicitation” include: (A) The insurer; (B) Any director of the insurer and any nominee for whose election as a director proxies are solicited; or (C) Any other person acting alone or with one (1) or more other persons, committees, or groups in organizing, directing, or financing the solicitation; and (2) The terms “participant” and “participant in a solicitation” do not include: (A) A bank, broker, or dealer who, in the ordinary course of business: (i) Lends money or executes orders for the purchase or sale of stock; and (ii) Is not otherwise a participant; (B) Any person or organization retained or employed by a participant to solicit stockholders or any person who merely transmits proxy soliciting material or performs ministerial or clerical duties; (C) Any person: (i) Employed in the capacity of: (a) Attorney; (b) Accountant; or (c) Advertising, public relations, or financial adviser; and (ii) Whose activities are limited to the performance of his or her duties in the course of such employment; (D) Any person regularly employed as an officer or employee of the insurer or any of its subsidiaries or affiliates who is not otherwise a participant; or (E) Any officer or director of or any person regularly employed by any other participant, if such officer, director, or employee is not otherwise a participant.