69O-143.022. Arbitrage Transactions under Section 625.79 of the Act

It shall be unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of such insurer, unless he shall include such transaction in the statements required by

Section 625.75, F.S., of the Act, and shall account to such insurer for the profits arising from such transaction, as provided in Section 625.76, F.S., thereof. The provisions of Section 625.78, F.S., shall not apply to such arbitrage transactions. The provisions of the Act shall not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than such director or officer of the insurer.

Specific Authority 625.82 FS. Law Implemented 625.79 FS. History–New 4-23-66, Repromulgated 12-24-74, Formerly 4-19.22, 4-19.022, 4-143.022.