§ 21.14. Persons not required to file a statement.
(a) During a period of 12 months following the appointment and qualification of the following persons, securities held by the persons shall be exempt from section 302.1(1) and (2) of the act (40 P. S. § 422.1(1) and (2)):
(1) Executors or administrators of the estate of a decedent.
(2) Guardians or committees for an incompetent.
(3) Receivers, trustees in bankruptcy, assignees for the benefit of creditors, conservators, liquidating agents and other similar persons duly authorized by law to administer the estate or assets of other persons.
(b) If the estate being administered is a beneficial owner of more than 10% of any class of equity security of an insurer subject to the act, the persons named in subsection (a) shall, upon completion of the 12-month period, file statements with respect to the securities held by the estates which they administer as required by section 302.1(1) of the act. They shall also be liable for profits realized from trading in the securities under section 302.1(1) of the act.
(c) Securities reacquired by or for the account of an insurer and held by it for its account shall be exempt from section 302.1(1) and (2) of the act during the time they are held by the insurer.
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