(a) No beneficial owner, director or officer shall sell any equity security of the insurer if the person selling the security or his principal: (i) Does not own the security sold; (ii) If owning the security, does not deliver it against the sale within twenty (20) days from the date of sale; or (iii) Does not within five (5) days from the date of sale deposit it in the mails or other usual channels of transportation. (b) No person is guilty of violating this section if he proves that notwithstanding the exercise of good faith he was unable to make the delivery or deposit within the time specified in subsection (a) of this section, or that making the delivery or deposit would have caused undue inconvenience or expense.
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