§ 27-27-56 — Insider Trading of Domestic Stock Insurer Equity Securities - Exemptions from Sections 27-27-54 and 27-27-55; Prescription of Terms and Conditions Thereon

Alabama § 27-27-56

• Jurisdiction: Alabama
• Title 27: Insurance
• Ch. 27: Organization and Corporate Procedures of Stock and Mutual Insurers

Text

The provisions of Section 27-27-54 shall not apply to any purchase and sale or sale and purchase and the provisions of Section 27-27-55 shall not apply to any sale of an equity security of a domestic stock insurance company not then, or theretofore, held by him in an investment account by a dealer in the ordinary course of his business and incident to the establishment, or maintenance by him, of a primary or secondary market, otherwise than on an exchange as defined in the Securities Exchange Act of 1934, for such security. The commissioner may, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.

Legislative History

(Acts 1971, No. 407, p. 707, §552.)