Florida Regulations 69O-143.006: Exemptions from Section 625.75 and 625.76 of the Act
Current as of: 2024 | Check for updates
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(1) During the period of 12 months following their appointment and qualification, securities held by the following persons shall be exempt from sections 625.75 and 625.76, F.S., of the Act:
(a) Executors or administrators of the estate of a decedent;
(b) Guardians or committees for an incompetent; and,
(c) Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents, and other similar persons duly authorized by law to administer the estate or assets of other persons.
(2) After the 12-month period following their appointment or qualification the foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under Florida Statutes § 625.75, of the Act, and shall be liable for profits realized from trading in such securities pursuant to Florida Statutes § 625.76, of the Act, only when the estate being administered is a beneficial owner of more than 10 percent of any class of equity security of an insurer subject to the Act.
(3) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from sections 625.75 and 625.76, F.S., of the Act, during the time they are held by the insurer.
Rulemaking Authority 625.82 FS. Law Implemented 625.75, 625.76 FS. History-New 4-23-66, Repromulgated 12-24-74, Formerly 4-19.06, 4-19.006, 4-143.006.
Terms Used In Florida Regulations 69O-143.006
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Decedent: A deceased person.
(b) Guardians or committees for an incompetent; and,
(c) Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents, and other similar persons duly authorized by law to administer the estate or assets of other persons.
(2) After the 12-month period following their appointment or qualification the foregoing persons shall be required to file reports with respect to the securities held by the estates which they administer under Florida Statutes § 625.75, of the Act, and shall be liable for profits realized from trading in such securities pursuant to Florida Statutes § 625.76, of the Act, only when the estate being administered is a beneficial owner of more than 10 percent of any class of equity security of an insurer subject to the Act.
(3) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from sections 625.75 and 625.76, F.S., of the Act, during the time they are held by the insurer.
Rulemaking Authority 625.82 FS. Law Implemented 625.75, 625.76 FS. History-New 4-23-66, Repromulgated 12-24-74, Formerly 4-19.06, 4-19.006, 4-143.006.