§ 21.1. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
ActThe Insurance Company Law of 1921 (40 P. S. § 361 et seq.).
ClassAll securities of an insurer which are of substantially similar character, and the holders of which enjoy substantially similar rights and privileges.
DepartmentThe Insurance Department of the Commonwealth.
Equity securityAny stock or similar security, or any voting trust certificate or certificate of deposit for such a security. The term includes any security with or without consideration, which is convertible into a stock or similar security, or carrying any warrant or right to subscribe to or purchase such a security, or any such warrant or right.
InsurerAny domestic stock insurance company with an equity security subject to the provisions of section 302.1 of act of May 17, 1921 (P. L. 682) (40 P. S. § 422.1), and not exempt under these provisions.
OfficerA president, vice president, treasurer, actuary, secretary, controller or any other person who performs for the insurer functions corresponding to those performed by such officers.
Securities held of recordFor 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 § 21.2 (relating to securities held of record).
This section cited in 31 Pa. Code § 21.22 (relating to certain stock options and acquisitions).
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