Section 2682.1 - Definition of Certain Terms(a) "Insurer" means any domestic stock insurance company, with an equity security subject to the provisions of Section 1104.2 to 1104.8, both inclusive, of the California Insurance Code, and not exempt thereunder.(b) Section numbers refer to sections of the California Insurance Code unless the context of the reference otherwise requires. Sections 1104.2 to 1104.8, both inclusive, are the provisions relating to insider trading enacted by Chapter 38 of the Statutes of 1965.(c) "Officer" means a president, vice president, treasurer, actuary, secretary, controller and any other person who performs for the insurer functions corresponding to those performed by the foregoing officers.(d) "Equity security" means any stock or similar security; or any voting trust certificate or certificate of deposit for such a security; or any security convertible, with or without consideration into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right.(e) Securities "held of record." (1) For the purpose of determining whether Section 2682.2 herein is applicable to the equity security holders of an insurer because, pursuant to the provisions of Section 1104.8 the equity securities of such insurer are held of record by one hundred or more persons, securities shall be deemed to be "held of record" by each person who is identified as the owner of such securities on record of security holders maintained by or on behalf of the insurer, subject to the following: (a) In any case where the records of security holders have not been maintained in accordance with accepted practice, any additional person who would be identified as such as owner on such records if they had been maintained in accordance with accepted practice shall be included as a holder of record.(b) Securities identified as held of record by a corporation, a partnership, a trust whether or not the trustees are named, or other organization shall be included as so held by one person.(c) Securities identified as held of record by one or more persons in trustees, executors, guardians, custodians or in other fiduciary capacities with respect to a single trust, estate or account shall be included as held of record by one person.(d) Securities held by two or more persons as co-owners shall be included as held by one person.(e) Each outstanding unregistered or bearer certificate shall be included as held of record by a separate person, except to the extent that the insurer can establish that, if such securities were registered, they would be held of record, under the provisions of this rule, by a lesser number of persons.(f) Securities registered in substantially similar names where the insurer has reason to believe because of the address or other indications that such names represent the same person, may be included as held of record by one person.(2) Notwithstanding subsection (1) of this paragraph: (a) Securities held, to the knowledge of the insurer, subject to a voting trust, deposit, agreement or similar arrangement shall be included as held of record by the record holders of the voting trust certificates, certificates of deposit, receipts or similar evidences of interest in such securities; provided however, that the insurer may rely in good faith on such information as it received in response to its request from a non-affiliated insurer of the certificates or evidences of interest.(b) If the insurer knows or has reason to know that the form of holding securities of record is used primarily to circumvent the provisions of Section 1104.2 to 1104.8, the beneficial owners of such securities shall be deemed to be the record owners thereof.(f) "Class" means all securities of an insurer which are of substantially similar character and the holders of which enjoy substantially similar rights and privileges.Cal. Code Regs. Tit. 10, § 2682.1
1. New Section 2682.1 filed 11-10-65; effective thirtieth day thereafter (Register 65, No. 18).
2. Repealer of Section 2682.1 and new Article 2 (Sections 2682.1 through 2682.22) filed 1-18-66; effective thirtieth day thereafter (Register 66, No. 2). Note: Authority cited for Article 2: Sections 1104.2, 1104.3, 1104.5, 1104.6 and 1104.7, Insurance Code.
1. New Section 2682.1 filed 11-10-65; effective thirtieth day thereafter (Register 65, No. 18).
2. Repealer of Section 2682.1 and new Article 2 (Sections 2682.1 through 2682.22) filed 1-18-66; effective thirtieth day thereafter (Register 66, No. 2).