US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 28
                    ORGANIZATION AND CORPORATE PROCEDURES
                         OF STOCK AND MUTUAL INSURERS
    41-2861.  RECOVERY OF PROFITS RESULTING FROM UNFAIR USE OF INFORMATION.
For the purpose of preventing the unfair use of information which may have
been obtained by such beneficial owner, director or officer by reason of his
relationship to such company, any profit realized by him from any purchase and
sale, or any sale and purchase, of any equity security of such company within
any period of less than six (6) months, unless such security was acquired in
good faith in connection with a debt previously contracted, shall inure to and
be recoverable by the company, irrespective of any intention on the part of
such beneficial owner, director or officer in entering into such transaction
of holding the security purchased or of not repurchasing the security sold for
a period exceeding six (6) months. Suit to recover such profit may be
instituted at law or in equity in any court of competent jurisdiction by the
company, or by the owner of any security of the company in the name and in
behalf of the company if the company shall fail or refuse to bring such suit
within sixty (60) days after request or shall fail diligently to prosecute the
same thereafter; but no such suit shall be brought more than two (2) years
after the date such profit was realized. This section shall not be construed
to cover any transaction where such beneficial owner was not such both at the
time of the purchase and sale, or the sale and purchase, of the security
involved, or any transaction or transactions which the director of the
department of insurance by rules and regulations may exempt as not
comprehended within the purpose of this section.