Section 26-A1421. ARBITRAGE TRANSACTIONS UNDER SECTION 3(E) OF THE ACT

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1421.1It 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 or she include the transaction in the statements required by Section 3(a) of the Act and shall account to the insurer for the profits arising from the transaction, as provided in Section 3(b).

1421.2The 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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