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Pennsylvania Code



Subchapter E. ARBITRAGE TRANSACTIONS


Sec.


21.61.    Inclusion in statements.

§ 21.61. Inclusion in statements.

 (a)  It shall be unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of the insurer, unless he includes the transaction in the statements required by section 302.1(1) of the act (40 P. S. §  422.1(1)) and accounts to the insurer for the profits arising from the transaction as provided in section 302.1(2) of the act (40 P. S. §  422.1).

 (b)  The provisions of section 302.1(3) of the act (40 P. S. §  422.1) shall not apply to the arbitrage transactions.

 (c)  The provisions of the act shall not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than a director or officer of the insurer.


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