33-3-441. Equity securities of domestic stock insurance company -- statement of ownership. (1) When used in 33-3-441 through 33-3-447, the term "equity security" means:

(a) any stock or similar security;

(b) any security convertible, with or without consideration, into an equity security or carrying any warrant or right to subscribe to or purchase an equity security;

(c) any warrant or right described in subsection (1)(b); or

(d) any other security that the commissioner considers to be of a similar nature and considers necessary or appropriate, by rules as the commissioner may prescribe in the public interest or for the protection of investors, to treat as an equity security.

(2) A domestic stock insurance company shall report to the commissioner the name of any person who acquires 10% or more of any class of equity security of the company. The company shall report the name of the person within 30 days of the person acquiring 10% or more of any class of equity security of the company. The company shall provide any other information about the person that the commissioner may require.

(3) If a person has not acquired at least a 10% interest of any class of equity security of a domestic stock insurance company during the last calendar year preceding the annual statement filing date, the company is only required to report in the annual statement the names and percentages of those persons holding at least 10% interest in any class of equity security.

History: En. Secs. 1, 6, Ch. 159, L. 1965; R.C.M. 1947, 40-4751, 40-4756; amd. Sec. 14, Ch. 380, L. 2003.