State Codes and Statutes

Statutes > New-york > Isc > Article-12 > 1221

§ 1221. Transactions by officers, directors and certain shareowners in  the  insurer's  shares. (a) Every person who directly or indirectly owns  beneficially more than ten percent of any class of shares of a  domestic  insurer  or is a director or officer thereof shall file in the office of  the superintendent:    (1) within ten days after he becomes such owner, director or officer a  statement, in form prescribed by the superintendent, of  the  amount  of  all such shares of which he is the beneficial owner, and    (2)  within ten days after the close of each calendar month in which a  change in such ownership  occurs  a  statement,  in  such  form  as  the  superintendent  may  prescribe, indicating his ownership at the close of  such calendar month and such changes in his ownership as  have  occurred  during such calendar month.    (b)  To  prevent  unfair  use  of  any  information  obtained  by such  beneficial owner, director or officer by reason of his  relationship  to  such  insurer, any profit realized by him from any purchase and sale, or  any sale and purchase, of the insurer's shares within any period of less  than six months, unless the  shares  were  acquired  in  good  faith  in  connection  with  a  debt  previously  contracted, shall inure to and be  recoverable by the insurer, irrespective of  any  intention  he  had  in  entering  into  such  transaction to hold the shares purchased or not to  repurchase the  shares  sold  for  a  period  exceeding  six  months.  A  proceeding  to recover such profit may be instituted at law or in equity  in any court of competent jurisdiction by the insurer or by the owner of  any shares of the insurer in the insurer's name and behalf if  it  fails  or  refuses  to bring such suit within sixty days after request or fails  diligently to prosecute it; but no such suit shall be brought more  than  two  years  after  the  date such profit was realized.   This subsection  shall not apply to any transaction where such beneficial owner  was  not  such  at  the  time  of both the purchase and sale, or both the sale and  purchase,  of  the  shares  involved,  or  any  transaction  which   the  superintendent  may  by rules and regulations exempt as not comprehended  within the purpose of this subsection.    (c) It shall be unlawful for any such beneficial  owner,  director  or  officer,  directly  or indirectly, to sell any shares of such insurer if  the person selling the shares or his principal either does not  own  the  shares sold, or, if owning them, does not deliver them against such sale  within  twenty  days thereafter, or does not within five days after such  sale  deposit  them  in  the  mails   or   other   usual   channels   of  transportation;  but  no  person  shall  be deemed to have violated this  subsection if he proves that notwithstanding the exercise of good  faith  he was unable to make such delivery or deposit within such time, or that  to do so would cause undue inconvenience or expense.

State Codes and Statutes

Statutes > New-york > Isc > Article-12 > 1221

§ 1221. Transactions by officers, directors and certain shareowners in  the  insurer's  shares. (a) Every person who directly or indirectly owns  beneficially more than ten percent of any class of shares of a  domestic  insurer  or is a director or officer thereof shall file in the office of  the superintendent:    (1) within ten days after he becomes such owner, director or officer a  statement, in form prescribed by the superintendent, of  the  amount  of  all such shares of which he is the beneficial owner, and    (2)  within ten days after the close of each calendar month in which a  change in such ownership  occurs  a  statement,  in  such  form  as  the  superintendent  may  prescribe, indicating his ownership at the close of  such calendar month and such changes in his ownership as  have  occurred  during such calendar month.    (b)  To  prevent  unfair  use  of  any  information  obtained  by such  beneficial owner, director or officer by reason of his  relationship  to  such  insurer, any profit realized by him from any purchase and sale, or  any sale and purchase, of the insurer's shares within any period of less  than six months, unless the  shares  were  acquired  in  good  faith  in  connection  with  a  debt  previously  contracted, shall inure to and be  recoverable by the insurer, irrespective of  any  intention  he  had  in  entering  into  such  transaction to hold the shares purchased or not to  repurchase the  shares  sold  for  a  period  exceeding  six  months.  A  proceeding  to recover such profit may be instituted at law or in equity  in any court of competent jurisdiction by the insurer or by the owner of  any shares of the insurer in the insurer's name and behalf if  it  fails  or  refuses  to bring such suit within sixty days after request or fails  diligently to prosecute it; but no such suit shall be brought more  than  two  years  after  the  date such profit was realized.   This subsection  shall not apply to any transaction where such beneficial owner  was  not  such  at  the  time  of both the purchase and sale, or both the sale and  purchase,  of  the  shares  involved,  or  any  transaction  which   the  superintendent  may  by rules and regulations exempt as not comprehended  within the purpose of this subsection.    (c) It shall be unlawful for any such beneficial  owner,  director  or  officer,  directly  or indirectly, to sell any shares of such insurer if  the person selling the shares or his principal either does not  own  the  shares sold, or, if owning them, does not deliver them against such sale  within  twenty  days thereafter, or does not within five days after such  sale  deposit  them  in  the  mails   or   other   usual   channels   of  transportation;  but  no  person  shall  be deemed to have violated this  subsection if he proves that notwithstanding the exercise of good  faith  he was unable to make such delivery or deposit within such time, or that  to do so would cause undue inconvenience or expense.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-12 > 1221

§ 1221. Transactions by officers, directors and certain shareowners in  the  insurer's  shares. (a) Every person who directly or indirectly owns  beneficially more than ten percent of any class of shares of a  domestic  insurer  or is a director or officer thereof shall file in the office of  the superintendent:    (1) within ten days after he becomes such owner, director or officer a  statement, in form prescribed by the superintendent, of  the  amount  of  all such shares of which he is the beneficial owner, and    (2)  within ten days after the close of each calendar month in which a  change in such ownership  occurs  a  statement,  in  such  form  as  the  superintendent  may  prescribe, indicating his ownership at the close of  such calendar month and such changes in his ownership as  have  occurred  during such calendar month.    (b)  To  prevent  unfair  use  of  any  information  obtained  by such  beneficial owner, director or officer by reason of his  relationship  to  such  insurer, any profit realized by him from any purchase and sale, or  any sale and purchase, of the insurer's shares within any period of less  than six months, unless the  shares  were  acquired  in  good  faith  in  connection  with  a  debt  previously  contracted, shall inure to and be  recoverable by the insurer, irrespective of  any  intention  he  had  in  entering  into  such  transaction to hold the shares purchased or not to  repurchase the  shares  sold  for  a  period  exceeding  six  months.  A  proceeding  to recover such profit may be instituted at law or in equity  in any court of competent jurisdiction by the insurer or by the owner of  any shares of the insurer in the insurer's name and behalf if  it  fails  or  refuses  to bring such suit within sixty days after request or fails  diligently to prosecute it; but no such suit shall be brought more  than  two  years  after  the  date such profit was realized.   This subsection  shall not apply to any transaction where such beneficial owner  was  not  such  at  the  time  of both the purchase and sale, or both the sale and  purchase,  of  the  shares  involved,  or  any  transaction  which   the  superintendent  may  by rules and regulations exempt as not comprehended  within the purpose of this subsection.    (c) It shall be unlawful for any such beneficial  owner,  director  or  officer,  directly  or indirectly, to sell any shares of such insurer if  the person selling the shares or his principal either does not  own  the  shares sold, or, if owning them, does not deliver them against such sale  within  twenty  days thereafter, or does not within five days after such  sale  deposit  them  in  the  mails   or   other   usual   channels   of  transportation;  but  no  person  shall  be deemed to have violated this  subsection if he proves that notwithstanding the exercise of good  faith  he was unable to make such delivery or deposit within such time, or that  to do so would cause undue inconvenience or expense.