33-3-444. Exemptions -- securities held in an investment account -- primary or secondary market -- rules. (1) The provisions of 33-3-442 do not apply to any purchase and sale, or sale and purchase, and the provisions of 33-3-443 do not apply to any sale of an equity security of a domestic stock insurance company not then or later held by a person in an investment account by a broker-dealer in the ordinary course of business and incident to the establishment or maintenance by the broker-dealer of a primary or secondary market, except on an exchange as defined in the Securities Exchange Act of 1934, for the security.
(2) The commissioner may, by rules that the commissioner considers necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
History: En. Sec. 4, Ch. 159, L. 1965; R.C.M. 1947, 40-4754; amd. Sec. 1144, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 3. Domestic Stock and Mutual Insurers
33-3-402. Vouchers for expenditures
33-3-403. through 33-3-410 reserved
33-3-411. Contingent liability of mutual members
33-3-412. Levy of contingent liability
33-3-413. Enforcement of contingent liability
33-3-414. Nonassessable policies of mutual insurers
33-3-415. Insufficient reserves -- nonassessable policies prohibited -- revocation of authority
33-3-416. through 33-3-420 reserved
33-3-421. Participating policies
33-3-422. Dividends to stockholders
33-3-423. Dividends to mutual policyholders
33-3-424. Illegal dividends -- administrative or civil penalty
33-3-425. through 33-3-430 reserved
33-3-432. Impairment of capital or assets
33-3-433. Assessment of stockholders or members
33-3-434. Directors' liability for losses during deficiency
33-3-435. Stock transfer during impairment of capital
33-3-436. Mutual member's share of assets on liquidation
33-3-437. through 33-3-440 reserved
33-3-441. Equity securities of domestic stock insurance company -- statement of ownership
33-3-443. Short sales of equity securities prohibited -- time for delivery after sale
33-3-445. Exemptions -- arbitrage transactions
33-3-446. Exemptions -- registered securities -- holding by less than 100 persons
33-3-447. Rules of commissioner -- classifications -- effect
33-3-448. and 33-3-449 reserved