Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 250. Rules, Regulations and Forms Relating to Restrictions on the Purchase and Sale of Equity Securities of Domestic Stock Insurance Companies

14VAC5-250-230. Arbitrage Transactions under Subsection E of the Act.

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 such insurer, unless he shall include such transaction in the statements required by subsection A of the Act (Section 38.2-214 of the Code of Virginia) and shall account to such insurer for the profits arising from such transactions, as provided in subsection B thereof. The provisions of subsection C shall not apply to such arbitrage transactions. 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 such director or officer of the insurer.

Statutory Authority

§ 38.2-214 of the Code of Virginia.

Historical Notes

Derived from Regulation 5, Case No. 18773, Rule 23, eff. April 1, 1970.

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