§ 27-2-10-4 — Exemption of dealers

The provisions of section 2 of this chapter shall
not apply to any purchase and sale, or sale and purchase, and the
provisions of section 3 of this chapter 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, 15
U.S.C. 78a et seq.) for such security. The insurance commissioner may,
by such rules as he deems necessary or appropriate and in the public
interest, define and prescribe terms and conditions with respect to
equity 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.
Formerly: Acts 1965, c.5, s.4. As amended by P.L.252-1985,
SEC.132.