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 an insurer, unless the transaction shall be included in the statements
required by
K.S.A.
40-264, and the director or officer shall
account to the insurer for the profits arising from the transaction as provided
in K.S.A.
40-265. The provisions of
K.S.A.
40-266 shall not apply to arbitrage
transactions. The provisions of chapter 40, Kansas statutes annotated shall not
apply to any bona fide foreign or domestic arbitrage transaction effected by
any person other than a director or officer of the insurer.
Notes
Kan. Admin. Regs. §
40-13-23
Authorized by
K.S.A.
40-103,
40-271; implementing
K.S.A.
40-268; effective Jan. 1, 1967; amended May
1, 1980; amended May 1, 1986.
