Tenn. Comp. R. & Regs. 0780-01-14-.06 - EXEMPTIONS FROM TCA Section 56-3-702 AND Section 56-3-703

(1) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from T.C.A. § 56-3-702 and § 56-3-703.

(a) Executors or administrators of the estate of a decedent;

(b) Guardians or committees for an incompetent; and

(c) Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents, and other similar persons duly authorized by law to administer the estate or assets of other persons.

(2) After the 12-month period following their appointment of qualification the foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under T.C.A. § 56-3-702 and shall be liable for profits realized from trading in such securities pursuant to T.C.A. § 56-3-703 only when the estate being administered is a beneficial owner of more than 10 percent of any class of equity security of an insurer subject to the Act.

(3) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from T.C.A. § 56-3-702 and § 56-3-703 during the time they are held by the insurer.

Notes

Tenn. Comp. R. & Regs. 0780-01-14-.06

Original rule certified June 10, 1974.

Authority: T.C.A. § 56-3-708 to implement T.C.A. § 56-3-702.