OAR 836-024-0220: Arbitrage Transactions under ORS 732.450

A director or officer of an insurer may not effect any foreign or domestic arbitrage transaction in any equity security of the insurer unless the director or officer includes the transaction in the statements required by ORS 732.430 and accounts to the insurer for the profits arising from the transaction as provided by 732.435. ORS 732.440 does not apply to such an arbitrage transaction. ORS 732.420 to 743.455 do not apply to any bona fide foreign or domestic arbitrage transaction insofar as it is effected by any person other than a director or officer of the insurer.