{"data":{"id":"us-ky/krs-304.26-050","jurisdiction":"us-ky","citation":"KRS 304.26-050","heading":"Unlawful sales of equity securities by beneficial owner, director, or","body":"officer.\n(1) It is unlawful for any such beneficial owner, director, or officer, directly or\nindirectly, to sell any equity security of such insurer if the person selling the security\nor his or her principal:\n(a) Does not own the security sold; or\n(b) If the owner of the security does not deliver it against such sale within twenty\n(20) days thereafter, or does not within five (5) days after such sale deposit it\nin the mails or oth er usual channels of transportation, but no person shall be\ndeemed to have violated this section if he or she proves that notwithstanding\nthe exercise of good faith he or she was unable to make such delivery or\ndeposit within such time, or that to do so would cause undue inconvenience or\nexpense.\n(2) The commissioner shall establish, and from time to time amend, regulations with\nregard to proxies, consents, or authorizations in respect of securities issued by any\ndomestic stock insurer, such regulations to conform to those prescribed by the\nNational Association of Insurance Commissioners.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=29604","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:51Z","sha256":"869160ec436d4b478fdad1834154440b8f9a2e4f27d5170cadb60796c447e1cd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-304.26-040","next":"us-ky/krs-304.26-060"},"notice":"GroundRules: Original legal text. Not legal advice."}