§ 26-25-106 — Excepted securities

(a) W.S. 26-25-104 does not apply to any purchase and
sale, or sale and purchase, and W.S. 26-25-105 does not apply to
any sale, of an equity security of a domestic stock insurer, not
then or previously held by the insurer in an investment account,
by a dealer in the ordinary course of his business and incident
to the dealer's establishment or maintenance 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 the security.
(b) The commissioner, by rules and regulations he deems
necessary or appropriate in the public interest, may prescribe
terms and conditions for 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.