Ch. 36                                          1995 LAWS OF MARYLAND

(4)      ANY OTHER WARRANT OR RIGHT TO SUBSCRIBE TO OR PURCHASE
STOCK OR A SIMILAR SECURITY; OR

(5)      ANY OTHER SECURITY THAT THE COMMISSIONER CONSIDERS TO BE
OF A SIMILAR NATURE AND NECESSARY OR APPROPRIATE TO TREAT AS AN EQUITY
SECURITY, BASED ON REGULATIONS ADOPTED BY THE COMMISSIONER IN THE
PUBLIC INTEREST OR TO PROTECT INVESTORS.

(B)      SCOPE OF SECTION.

(1)      SUBSECTIONS (D), (E), AND (F) OF THIS SECTION DO NOT APPLY TO
FOREIGN OR DOMESTIC ARBITRAGE TRANSACTIONS UNLESS THOSE TRANSACTIONS
ARE MADE IN CONTRAVENTION OF REGULATIONS ADOPTED BY THE
COMMISSIONER TO CARRY OUT THIS SECTION.

(2)      SUBSECTIONS (D), (E), AND (F) OF THIS SECTION DO NOT APPLY TO
EQUITY SECURITIES OF A DOMESTIC STOCK INSURER IF:

(I)       THE SECURITIES ARE REGISTERED OR REQUIRED TO BE
REGISTERED UNDER § 12 OF THE SECURITIES EXCHANGE ACT OF 1934; OR :

(II)     THE DOMESTIC STOCK INSURER DID NOT HAVE ANY CLASS OF
ITS EQUITY SECURITIES HELD OF RECORD BY 100 OR MORE PERSONS ON THE LAST
BUSINESS DAY OF THE YEAR IMMEDIATELY PRECEDING THE YEAR IN WHICH
EQUITY SECURITIES OF THE INSURER OTHERWISE WOULD BE SUBJECT TO
SUBSECTIONS (D), (E), AND (F) OF THIS SECTION.

(C)     REGULATIONS.

(1)      THE COMMISSIONER:

(I)       MAY ADOPT REGULATIONS NECESSARY TO CARRY OUT THIS
SECTION; AND

(II)     FOR THE PURPOSE OF ADOPTING, REGULATIONS, MAY
CLASSIFY DOMESTIC STOCK INSURERS, SECURITIES, AND OTHER PERSONS OR
MATTERS WITHIN THE COMMISSIONER'S JURISDICTION.

(2)      THE PROVISIONS OF SUBSECTIONS (D), (E), AND (F) OF THIS SECTION
THAT IMPOSE LIABILITY MAY NOT BE APPLIED TO AN ACT COMMITTED OR OMITTED
IN GOOD FAITH IN CONFORMITY WITH A REGULATION OF THE COMMISSIONER,
NOTWITHSTANDING THAT THE REGULATION IS LATER AMENDED, RESCINDED, OR
DETERMINED BY JUDICIAL OR OTHER AUTHORITY TO BE INVALID FOR ANY
REASON.

(D)     STATEMENT OF BENEFICIAL OWNERSHIP.

(1) A PERSON SHALL FILE WITH THE COMMISSIONER, IN THE FORM THE
COMMISSIONER REQUIRES, A STATEMENT OF THE AMOUNT OF ALL EQUITY
SECURITIES OF A DOMESTIC STOCK INSURER OF WHICH THE PERSON IS THE
BENEFICIAL OWNER WITHIN 10 DAYS AFTER THE PERSON BECOMES:

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