§ 26.1-05-14 — Exceptions

Sections 26.1-05-11 through 26.1-05-13 do not apply to equity securities of a domestic
stock insurance company if the securities are registered, or are required to be registered,
pursuant to section 12 of the Securities Exchange Act of 1934, as amended, or if the company
does not have any class of its equity securities held of record by one hundred or more persons
on the last business day of the year preceding the year in which equity securities of the
company would be subject to sections 26.1-05-11 through 26.1-05-13 except for this exception.
Sections 26.1-05-11 through 26.1-05-13 do not apply to foreign or domestic arbitrage
transactions unless made in contravention of any rules the commissioner adopts to carry out the
purposes of sections 26.1-05-11 through 26.1-05-15. Section 26.1-05-12 does not apply to any
purchase and sale or sale and purchase, and section 26.1-05-13 does not apply to any sale, of
an equity security of a domestic stock insurance company not held by the dealer in an

investment account, by a dealer in the ordinary course of business and incident to the
establishment or maintenance by the dealer of a primary or secondary market, otherwise than
on an exchange as defined in the Securities Exchange Act of 1934, for the security.