R590-68-25. Arbitrage Transactions Under Subsection 31A-5-303(3)

(1) A director or officer of an insurer may not effect a foreign or domestic arbitrage transaction in an equity security of an insurer unless the director or officer: (a) includes the transaction in the statements required by Subsection 31A-5-303(1); and (b) accounts to an insurer for the profits arising from the transaction as provided in Subsection 31A-5-303(2). (2) Subsection 31A-5-303(3) does not apply to an arbitrage transaction. (3) Section 31A-5-303 does not apply to any bona fide foreign or domestic arbitrage transaction effected by a person other than the director or officer of the insurer.