40-267. Provisions of 40-265, 40-266 inapplicable to certain sales; rules and regulations. - Kansas Statutes

40-267

Chapter 40.--INSURANCE Article 2.--GENERAL PROVISIONS

      40-267.   Provisions of 40-265, 40-266 inapplicable to certainsales; rules and regulations.The provisions of K.S.A. 40-265 shall not apply to anypurchase and sale, or sale and purchase, and the provisions of K.S.A.40-266 shall not apply to any sale, of an equity securityof a domestic stock insurance company not then or theretofore held byhim in an investment account, by a dealer in the ordinary course of hisbusiness and incident to the establishment or maintenance by him of aprimary or secondary market (otherwise than on an exchange as defined inthe securities exchange act of 1934) for such security. The commissionershall, by such rules and regulations as he deems necessary orappropriate in the public interest, define and prescribe terms andconditions with respect to securities held in an investment account andtransactions made in the ordinary course of business and incident to theestablishment or maintenance of a primary or secondary market to conformto the provisions of K.S.A. 40-265 and 40-266.

      History:   L. 1965, ch. 309, § 4; June 30.