An acquisition of an equity security, other than a convertible security or right to purchase a security, by a director or officer of the insurer issuing the security, is exempt from ORS 732.435 if all of the following conditions are met:
(1) The equity security is acquired by way of redemption of another security of an insurer, substantially all of whose assets other than cash or government bonds consist of securities of the insurer issuing the equity security, and the equity security:(a) Represented substantially and in practical effect a stated or readily ascertainable amount of equity security;(b) Had a value that was substantially determined by the value of the equity security; and(c) Conferred upon the holder the right to receive the equity security without the payment of any consideration other than the security redeemed.(2) The director or officer did not acquire any security of the same class as the security redeemed within six months prior to the redemption or does not acquire any such security within six months after the redemption.(3) The insurer issuing the equity security acquired has recognized the applicability of section (1) of this rule by appropriate corporate action.Or. Admin. R. 836-024-0170
ID 16-2006, f. & cert. ef. 8-7-06Stat. Auth: ORS 731.244, 732.420, 732.430, 732.435, 732.445, 732.450, 732.455
Stats. Implemented: ORS 732.420 - 732.455