Section 230. Arbitrage transactions under subsection E of the Act

Latest version.

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.

Historical Notes

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

Statutory Authority

§ 38.2-214 of the Code of Virginia.

                    
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