GENERAL PROVISIONS
§ 23.51. Definition of ‘‘participant’’ and ‘‘participant in a solicitation.’’
(a) When used in this subchapter, the terms ‘‘participant’’ and ‘‘participant in a solicitation’’ shall include the following meanings, unless the context clearly indicates otherwise:
(1) The insurer.
(2) Any director of the insurer and any nominee for whose election as a director proxies are solicited.
(3) Any other person, acting alone or with one or more other persons, committees, or groups, in organizing, directing, or financing the solicitation.
(b) When used in this subchapter, the terms ‘‘participant’’ and ‘‘participant in a solicitation’’ shall not include any of the following:
(1) A bank broker or dealer who in the ordinary course of business lends money or executes orders for the purchase or sale of securities but who is not otherwise a participant.
(2) Any person or organization retained or employed by a participant to solicit security holders or any person who merely transmits proxy soliciting material or performs ministerial or clerical duties.
(3) Any person employed in the capacity of attorney, accountant, or advertising, public relations, or financial adviser, and whose activities are limited to the performance of his duties in the course of the employment.
(4) Any person regularly employed as an officer or employe of the insurer or any of its subsidiaries or affiliates but who is not otherwise a participant.
(5) Any officer or director, or any person regularly employed by any other participant, if the officer, director or employe is not otherwise a participant.
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