Utah Admin. Code R590-68-8 - Exemptions from Subsections 31A-5-303(1) and 31A-5-303(2)

(1) During the 12-month period following their appointment and qualification, securities held by the following persons are exempt from Subsections 31A-5-303(1) and 31A-5-303(2):

(a) an executor or administrator of the estate of a decedent;

(b) a guardian or committee for an incompetent; and

(c) a receiver, trustee in bankruptcy, assignee for the benefit of a creditor, conservator, liquidating agent, or other similar person duly authorized by law to administer the estate or assets of other persons.

(2) After the 12-month period following the appointment or qualification, the persons in Subsection (1) shall file reports regarding the securities held by the estates they administer under Subsection 31A-5-303(1), and are liable for profits realized from trading securities pursuant to Subsection 31A-5-303(2), only when the estate being administered is a beneficial owner of more than 10% of a class of equity security of an insurer subject to Section 31A-5-303.

(3) Securities reacquired by or for the account of an insurer and held by it for its account are exempt from Section 31A-5-303 during the time the securities are held by the insurer.

Notes

Utah Admin. Code R590-68-8

Adopted by Utah State Bulletin Number 2023-12, effective 6/9/2023