HRS §431:4-211
When stock dealers are exempt from insider trading rules
This section says that certain insider trading rules do not apply to stock dealers when they buy or sell a domestic insurance company's stock as part of their normal business, not for personal investment. The insurance commissioner can make rules to define what counts as an investment account or normal market-making activity.
state agencies
The statute, as written — Exempt transactions
Section 431:4-209 shall not apply to any purchase and sale, or sale and purchase, and section 431:4-210 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by the person in an investment account, by a dealer in the ordinary course of the dealer's business and incident to the establishment or maintenance by the dealer of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security. The commissioner may, by such rules and regulations as the commissioner deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
Sections this one refers to
§431:4-209 Company can recover insider trading profits
§431:4-210 Rules against selling company stock you do not own
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