Ins 6.41(3)(g)1.c.
c. The ownership of securities as a settlor of a trust in which the settlor has the power to revoke the trust without obtaining the consent of all the beneficiaries.
Ins 6.41(3)(g)2.
2. Except as provided in subd.
3., beneficial ownership of securities solely as a settlor or beneficiary of a trust shall be exempt from the provisions of s.
611.31 (4) (a), Stats., where less than 20% in market value of the securities having a readily ascertainable market value held by such trust, determined as of the end of the preceding fiscal year of the trust, consists of equity securities with respect to which reports would otherwise be required. Exemption is likewise accorded from s.
611.31 (4) (a), Stats., with respect to any obligation which would otherwise be imposed solely by reason of ownership as settlor or beneficiary of securities held in trust, where the ownership, acquisition, or disposition of such securities by the trust is made without prior approval by the settlor or beneficiary. No exemption pursuant to this subdivision shall, however, be acquired or lost solely as a result of changes in the value of the trust assets during any fiscal year or during any time when there is no transaction by the trust in the securities otherwise subject to the reporting requirements of s.
611.31 (4) (a), Stats.
Ins 6.41(3)(g)3.
3. In the event that 10% of any class of any equity security of an insurer is held in a trust, that trust and the trustees thereof as such shall be deemed a person required to file the reports specified in s.
611.31 (4) (a), Stats.
Ins 6.41(3)(g)4.
4. Not more than one report need be filed to report any holdings or with respect to any transaction in securities held by a trust, regardless of the number of officers, directors or 10% stockholders who are either trustees, settlors, or beneficiaries of a trust, provided that the report filed shall disclose the names of all trustees, settlors and beneficiaries who are officers, directors or 10% stockholders. A person having an interest only as a beneficiary of a trust shall not be required to file any such report so long as he or she relies in good faith upon an understanding that the trustee of such trust will file whatever reports might otherwise be required of such beneficiary.
Ins 6.41(3)(g)5.e.
e. A spouse of the trustee. For the purpose of determining whether any of the foregoing relations exists, a legally adopted child of a person shall be considered a child of such person by blood.
Ins 6.41(3)(g)6.
6. In determining, for the purposes of s.
611.31 (4) (a), Stats., whether a person is the beneficial owner, directly or indirectly, of more than 10% of any class of any equity security, the interest of such person in the remainder of a trust shall be excluded from the computation.
Ins 6.41(3)(g)7.
7. No report shall be required by any person, whether or not otherwise subject to the requirement of filing reports under s.
611.31 (4) (a), Stats., with respect to an indirect interest in portfolio securities held by:
Ins 6.41(3)(g)7.a.
a. A pension or retirement plan holding securities of an insurer whose employees generally are the beneficiaries of the plan,
Ins 6.41(3)(g)8.
8. Nothing in this par.
(g) shall be deemed to impose any duties or liabilities with respect to reporting any transaction or holding prior to its effective date.
Ins 6.41(3)(h)1.a.
a. The person effecting the acquisition does not within 6 months thereafter effect any disposition, otherwise than by way of gift, of securities of the same class, and
Ins 6.41(3)(h)1.b.
b. The person effecting such acquisition does not participate in acquisitions or in dispositions of securities of the same class having a total market value in excess of $3,000 for any 6 months' period during which the acquisition occurs.
Ins 6.41(3)(h)2.
2. Any acquisition or disposition of securities by way of gift, where the total amount of such gifts does not exceed $3,000 in market value for any 6 months' period, shall be exempt from s.
611.31 (4) (a), Stats., and may be excluded from the computations prescribed in subd.
1. b. Ins 6.41(3)(h)3.
3. Any person exempted by subd.
1. or
2. shall include in the first report filed by him or her after a transaction within the exemption a statement showing acquisitions and dispositions for each 6 months' period or portion thereof which has elapsed since the last filing.
Ins 6.41(3)(i)
(i) Exemption from s. 611.31 (4) (b), Stats. Any transaction which has been or shall be exempted from the requirements of s.
611.31 (4) (a), Stats., shall, insofar as it is otherwise subject to the provisions of s.
611.31 (4) (b), Stats., be likewise exempted from s.
611.31 (4) (b), Stats.
Ins 6.41(4)(a)
(a) Exemption from s. 611.31 (4) (b), Stats., of certain transactions effected in connection with a distribution. Ins 6.41(4)(a)1.1. Any transaction of purchase and sale, or sale and purchase, of a security which is effected in connection with the distribution of a substantial block of securities shall be exempt from the provisions of s.
611.31 (4) (b), Stats., to the extent specified in par.
(a) as not comprehended within the purpose of s.
611.31 (4) (b), Stats., upon the following conditions:
Ins 6.41(4)(a)1.a.
a. The person effecting the transaction is engaged in the business of distributing securities and in participating in good faith, in the ordinary course of such business, in the distribution of such block of securities;
Ins 6.41(4)(a)1.b.
b. The security involved in the transaction is a part of such block of securities and is acquired by the person effecting the transaction, with a view to the distribution thereof, from the insurer or other person on whose behalf such securities are being distributed or from a person who is participating in good faith in the distribution of such block of securities; or a security purchased in good faith by or for the account of the person effecting the transaction for the purpose of stabilizing the market price of securities of the class being distributed or to cover an over-allotment or other short position created in connection with such distribution; and
Ins 6.41(4)(a)1.c.
c. Other persons not within the purview of s.
611.31 (4) (b), Stats., are participating in the distribution of such block of securities on terms at least as favorable as those on which such person is participating and to an extent at least equal to the aggregate participation of all persons exempted from the provisions of s.
611.31 (4) (b), Stats., by this par.
(a). However, the performance of the functions of manager of a distributing group and the receipt of a bona fide payment for performing such functions shall not preclude an exemption which would otherwise be available under this par.
(a).
Ins 6.41(4)(a)2.
2. The exemption of a transaction pursuant to this par.
(a) with respect to the participation therein of one party thereto shall not render such transaction exempt with respect to participation of any other party therein unless such other party also meets the conditions of this par.
(a).
Ins 6.41(4)(b)
(b) Exemption from s. 611.31 (4) (b), Stats., of acquisitions of shares of stock and stock options under certain stock bonus, stock option or similar plans. Any acquisition of shares of stock (other than stock acquired upon the exercise of an option, warrant or right) pursuant to a stock bonus, profit sharing, retirement, incentive, thrift, savings or similar plan, or any acquisition of a qualified or a restricted stock option pursuant to a qualified or a restricted stock option plan, or a stock option pursuant to an employee stock purchase plan, by a director or officer of an insurer issuing such stock or stock option shall be exempt from the operation of s.
611.31 (4) (b), Stats., if the plan meets the following conditions:
Ins 6.41(4)(b)1.a.
a. By the affirmative votes of the holders of a majority of the securities of such insurer present, or represented, and entitled to vote at a meeting held in accordance with the applicable laws of the state of Wisconsin, or
Ins 6.41(4)(b)1.b.
b. By the written consent of the holders of a majority of the securities of such insurer entitled to vote: provided, however, that if such vote or written consent was not solicited substantially in accordance with s.
Ins 6.40 in effect at the time of such vote or written consent, the insurer shall furnish in writing to the holders of record of the securities entitled to vote for the plan substantially the same information concerning the plan which would be required by any such rules and regulations so prescribed and in effect at the time such information is furnished, if proxies to be voted with respect to the approval or disapproval of the plan were then being solicited, on or prior to the date of the first annual meeting of security holders held subsequent to the later of the date s.
611.31, Stats., first applies to such insurer; or the acquisition of an equity security for which exemption is claimed. Such written information may be furnished by mail to the last known address of the security holders of record within 30 days prior to the date of mailing. Four copies of such written information shall be filed with, or mailed for filing to, the commissioner not later than the date on which it is first sent or given to security holders of the insurer. For the purposes of subd.
1. b., the term “insurer" includes a predecessor corporation if the plan or obligations to participate thereunder were assumed by the insurer in connection with the succession.
Ins 6.41(4)(b)2.
2. If the selection of any director or officer of the insurer to whom stock may be allocated or to whom qualified, restricted or employee stock purchase plan stock options may be granted pursuant to the plan, or the determination of the number or maximum number of shares of stock which may be allocated to any such director or officer or which may be covered by qualified, restricted or employee stock purchase plan stock options granted to any such director or officer, is subject to the discretion of any person, then such discretion shall be exercised only as follows:
Ins 6.41(4)(b)2.a.
a. With respect to the participation of directors: 1) By the board of directors of the insurer, a majority of which board and a majority of the directors acting in the matter are disinterested persons; 2) By, or only in accordance with the recommendations of, a committee of 3 or more persons having full authority to act in the matter, all of the members of which committee are disinterested persons; or 3) Otherwise in accordance with the plan, if the plan specifies the number or maximum number of shares of stock which directors may acquire or which may be subject to qualified, restricted or employee stock purchase plan stock options granted to directors and the terms upon which, and the times at which, or the periods within which, such stock may be acquired or such options may be acquired and exercised; or sets forth, by formula or otherwise, effective and determinable limitations with respect to the foregoing based upon earnings of the insurer, dividends paid, compensation received by participants, option prices, market value of shares, outstanding shares or percentages thereof outstanding from time to time, or similar factors.
Ins 6.41(4)(b)2.b.
b. With respect to the participation of officers who are not directors: 1) By the board of directors of the insurer or a committee of 3 or more directors; or 2) By, or only in accordance with the recommendations of, a committee of 3 or more persons having full authority to act in the matter, all of the members of which committee are disinterested persons. For the purpose of this subd.
2., a director or committee member shall be deemed to be a disinterested person only if such person is not at the time such discretion is exercised eligible and has not at any time within one year prior thereto been eligible for selection as a person to whom stock may be allocated or to whom qualified, restricted or employee stock purchase plan stock options may be granted pursuant to the plan or any other plan of the insurer or any of its affiliates entitling the participants therein to acquire stock or qualified, restricted or employee stock purchase plan stock options of the insurer or any of its affiliates.
Ins 6.41(4)(b)2.c.
c. The provisions of this subd.
2. shall not apply with respect to any option granted, or other equity security acquired, prior to June 27, 1965.
Ins 6.41(4)(b)3.
3. As to each participant or as to all participants the plan effectively limits the aggregate dollar amount or the aggregate number of shares of stock which may be allocated, or which may be subject to qualified, restricted, or employee stock purchase plan stock options granted, pursuant to the plan. The limitations may be established on an annual basis, or for the duration of the plan, whether or not the plan has a fixed termination date; and may be determined either by fixed or maximum dollar amounts or fixed or maximum numbers of shares or by formulas based upon earnings of the insurer, dividends paid, compensation received by participants, option prices, market value of shares, outstanding shares or percentages thereof outstanding from time to time, or similar factors which will result in an effective and determinable limitation. Such limitations may be subject to any provisions for adjustment of the plan or of stock allocable or options outstanding thereunder to prevent dilution or enlargement of rights.
Ins 6.41(4)(b)4.
4. Unless the context otherwise requires, all terms used in this par.
(b) shall have the same meaning as in s.
611.31, Stats., and in sub.
(1). In addition, the following definitions apply:
Ins 6.41(4)(b)4.a.
a. The term “plan" includes any plan, whether or not set forth in any formal written document or documents and whether or not approved in its entirety at one time.
Ins 6.41(4)(b)4.b.
b. The definition of the terms “qualified stock option" and “employee stock purchase plan" that are set forth in sections
442 and
423 of the Internal Revenue Code of 1954, as amended, are to be applied to those terms where used in par.
(b). The term “restricted stock option" as defined in section
424(b) of the Internal Revenue Code of 1954, as amended, shall be applied to that term as used in par.
(b), provided, however, that for the purposes of par.
(b) an option which meets all of the conditions of section
424(b) of the Internal Revenue Code of 1954, as amended, other than the date of issuance shall be deemed to be a “restricted stock option."
Ins 6.41(4)(c)
(c) Exemption from s. 611.31 (4) (b), Stats., of certain transactions in which securities are received by redeeming other securities. Any acquisition of an equity security (other than a convertible security or right to purchase a security) by a director or officer of the insured issuing such security shall be exempt from the operation of s.
611.31 (4) (b), Stats., upon condition that
Ins 6.41(4)(c)1.
1. The equity security is acquired by way of redemption of another security of an insurer substantially all of whose assets other than cash (or government bonds) consist of securities of the insurer issuing the equity security so acquired, and which
Ins 6.41(4)(c)1.a.
a. Represented substantially and in practical effect a stated or readily ascertainable amount of such equity security,
Ins 6.41(4)(c)1.b.
b. Had a value which was substantially determined by the value of such equity security, and
Ins 6.41(4)(c)1.c.
c. Conferred upon the holder the right to receive such equity security without the payment of any consideration other than the security redeemed;
Ins 6.41(4)(c)2.
2. No security of the same class as the security redeemed was acquired by the director or officer within 6 months prior to such redemption or is acquired within 6 months after such redemption;
Ins 6.41(4)(c)3.
3. The insurer issuing the equity security acquired has recognized the applicability of subd.
1. by appropriate corporate action.
Ins 6.41(4)(d)
(d) Exemption of long term profits incident to sales within 6 months of the exercise of an option. Ins 6.41(4)(d)1.1. To the extent specified in subd.
2., the commissioner hereby exempts as not comprehended within the purposes of s.
611.31 (4) (b), Stats., any transaction or transactions involving the purchase and sale, or sale and purchase, of any equity security where such purchase is pursuant to the exercise of an option or similar right either acquired more than 6 months before its exercise; or acquired pursuant to the terms of an employment contract entered into more than 6 months before its exercise.
Ins 6.41(4)(d)2.
2. In respect of transactions specified in subd.
1. the profits inuring to the insurer shall not exceed the difference between the proceeds of sale and the lowest market price of any security of the same class within 6 months before or after the date of sale. Nothing in this par.
(d) shall be deemed to enlarge the amount of profit which would inure to such insurer in the absence of this par.
(d).
Ins 6.41(4)(d)3.
3. The commissioner also hereby exempts, as not comprehended within the purposes of s.
611.31 (4) (b), Stats., the disposition of a security, purchased in a transaction specified in subd.
1., pursuant to a plan or agreement for merger or consolidation, or reclassification of the insurer's securities, or for the exchange of its securities for the securities of another person which has acquired its assets, or which is in control, as defined in section
368(c) of the Internal Revenue Code of 1954, of a person which has acquired its assets, where the terms of such plan or agreement are binding upon all stockholders of the insurer except to the extent that dissenting stockholders may be entitled, under statutory provisions or provisions contained in the certificate of incorporation, to receive the appraised or fair value of their holdings.
Ins 6.41(4)(d)4.
4. The exemptions provided by this par.
(d) shall not apply to any transaction made unlawful by s.
611.31 (4) (c), Stats., or by any rules and regulations thereunder.
Ins 6.41(4)(d)5.
5. The burden of establishing market price of a security for the purpose of this par.
(d) shall rest upon the person claiming the exemption.
Ins 6.41(4)(e)
(e) Exemption from s. 611.31 (4) (b), Stats., of certain acquisitions and dispositions of securities pursuant to merger or consolidations. Ins 6.41(4)(e)1.1. The following transactions shall be exempt from the provisions of s.
611.31 (4) (b), Stats., as not comprehended within its purpose:
Ins 6.41(4)(e)1.a.
a. The acquisition of a security of an insurer, pursuant to a merger or consolidation, in exchange for a security of a company which, prior to said merger or consolidation, owned 85% or more of the equity securities of all other companies involved in the merger or consolidation except, in the case of consolidation, the resulting company;
Ins 6.41(4)(e)1.b.
b. The disposition of a security, pursuant to a merger or consolidation of an insurer which, prior to said merger or consolidation, owned 85% or more of the equity securities of all other companies involved in the merger or consolidation except, in the case of consolidation, the resulting company:
Ins 6.41(4)(e)1.c.
c. The acquisition of a security of an insurer, pursuant to a merger or consolidation, in exchange for a security of a company which, prior to said merger or consolidation, held over 85% of the combined assets of all the companies undergoing merger or consolidation, computed according to their book values prior to the merger or consolidation as determined by reference to their most recent available financial statements for a 12-month period prior to the merger or consolidation.
Ins 6.41(4)(e)1.d.
d. The disposition of a security, pursuant to a merger or consolidation, of an insurer which, prior to said merger or consolidation, held over 85% of the combined assets of all the companies undergoing merger or consolidation, computed according to their book values prior to merger or consolidation, as determined by reference to their most recent available financial statements for a 12-month period prior to the merger or consolidation.
Ins 6.41(4)(e)2.
2. A merger within the meaning of this par.
(e) shall include the sale or purchase of substantially all the assets of one insurer by another in exchange for stock which is then distributed to the security holders of the insurer which sold its assets.
Ins 6.41(4)(e)3.
3. Notwithstanding the foregoing, if an officer, director or stockholder shall make any purchase (other than a purchase exempted by this par.
(e)) of a security in any company involved in the merger or consolidation and any sale (other than a sale exempted by this par.
(e)) of a security in any other company involved in the merger or consolidation within any period of less than 6 months during which the merger or consolidation took place, the exemption provided by this par.
(e) shall be unavailable to such officer, director, or stockholder.
Ins 6.41(4)(f)
(f) Exemption from s. 611.31 (4) (b), Stats., of certain securities received upon surrender of similar equity securities. Any receipt by a person from an insurer of shares of stock of a class having general voting power, upon the surrender by such person of an equal number of shares of stock of the insurer of a class which does not have general voting power, pursuant to provisions of the insurer's certificate of incorporation, for the purpose of and accompanied simultaneously or followed immediately by the sale of the shares so received, shall be exempt from the operation of s.
611.31 (4) (b), Stats., as a transaction not comprehended within its purpose, if the following conditions exist:
Ins 6.41(4)(f)1.
1. The person so receiving such shares is not an officer or director, or the beneficial owner, directly or indirectly, immediately prior to such receipt, of more than 10% of an equity security of the insurer;
Ins 6.41(4)(f)2.
2. The shares surrendered and the shares issued upon such surrender shall be of classes which are freely transferable and entitle the holders thereof to participate equally per share in all distributions of earnings and assets;
Ins 6.41(4)(f)3.
3. The surrender and issuance are made pursuant to provisions of a certificate of incorporation which requires that the shares issued upon such surrender shall be registered upon issuance in the name of a person or persons other than the holder of the shares surrendered and may be required to be issued as the right only in connection with the public offering, sale and distribution of such shares and the immediate sale by such holder of such shares for that purpose, or in connection with a gift of such shares;
Ins 6.41(4)(f)4.
4. Neither the shares so surrendered nor any shares of the same class, nor other shares of the same class as those issued upon such surrender, have been or are purchased (otherwise than in a transaction exempted by this par.
(f)), by the person surrendering such shares, within 6 months before or after such surrender or issuance.
Ins 6.41(4)(g)
(g) Exemption from s. 611.31 (4) (b), Stats., of certain transactions involving an exchange of similar securities. Any acquisition or disposition of securities made in an exchange of shares of a class (or series thereof) of stock of an insurer for an equivalent number of shares of another class (or series thereof) of stock of the same insurer, pursuant to a right of conversion under the terms of the insurer's articles of incorporation or other governing instruments shall be exempt from the operation of s.
611.31 (4) (b), Stats., if:
Ins 6.41(4)(g)1.
1. The shares surrendered and those acquired in exchange therefor evidence substantially the same rights and privileges except that, pursuant to the provisions of the insurer's articles of incorporation or other governing instruments, the board of directors may declare and pay a lesser dividend per share on shares of the class surrendered than on shares of the class acquired in exchange therefor, or may declare and pay no dividend on shares of the class surrendered; and
Ins 6.41(4)(g)2.
2. The transaction was effected in contemplation of a public sale of the shares acquired in the exchange; provided that par.
(g) shall not be construed to exempt from the operation of s.
611.31 (4) (b), Stats., any purchase or sale of shares of the class surrendered and any sale or purchase of shares of the class acquired in the exchange (otherwise than in the transaction of exchange exempted by par.
(g)) within a period of less than 6 months.
Ins 6.41(5)(a)
(a) Exemption of certain securities from s. 611.31 (4) (c), Stats. Any security shall be exempt from the operation of s.
611.31 (4) (c), Stats., to the extent necessary to render lawful under such section the execution by a broker of an order for an account in which he or she has no direct or indirect interest.
Ins 6.41(5)(b)
(b) Exemption from s. 611.31 (4) (c), Stats., of certain transactions effected in connection with a distribution. Any security shall be exempt from the operation of s.
611.31 (4) (c), Stats., to the extent necessary to render lawful under such section any sale made by or on behalf of a dealer in connection with a distribution of a substantial block of securities, upon the following conditions:
Ins 6.41(5)(b)1.
1. The sale is represented by an over-allotment in which the dealer is participating as a member of an underwriting group, or the dealer or a person acting on his or her behalf intends in good faith to offset such sale with a security to be acquired by or on behalf of the dealer as a participant in an underwriting, selling or soliciting-dealer group of which the dealer is a member at the time of the sale, whether or not the security to be so acquired is subject to a prior offering to existing security holders or some other class of persons; and
Ins 6.41(5)(b)2.
2. Other persons not within the purview of s.
611.31 (4) (c), Stats., are participating in the distribution of such block of securities on terms at least as favorable as those on which such dealer is participating and to an extent at least equal to the aggregate participation of all persons exempted from the provisions of s.
611.31 (4) (c), Stats., by this par.
(b). However, the performance of the functions of manager of a distributing group and the receipt of a bona fide payment for performing such functions shall not preclude an exemption which would otherwise be available under this par.
(b).
Ins 6.41(5)(c)
(c) Exemption from s. 611.31 (4) (c), Stats., of sales of securities to be acquired. Ins 6.41(5)(c)1.1. Whenever any person is entitled, as an incident to ownership of an issued security and without the payment of consideration, to receive another security “when issued" or “when distributed," the security to be acquired shall be exempt from the operation of s.
611.31 (4) (c), Stats., provided that:
Ins 6.41(5)(c)1.a.
a. The sale is made subject to the same conditions as those attaching to the right of acquisition, and
Ins 6.41(5)(c)1.b.
b. Such person exercises reasonable diligence to deliver such security to the purchaser promptly after the right of acquisition matures, and
Ins 6.41(5)(c)2.
2. This par.
(c) shall not be construed as exempting transactions involving both a sale of a security “when issued" or “when distributed" and a sale of the security by virtue of which the seller expects to receive the “when-issued" or “when-distributed" security, if the 2 transactions combined result in a sale of more units than the aggregate of those owned by the seller plus those to be received by him or her pursuant to the right of acquisition.
Ins 6.41(6)
(6)
Regulation under s. 611.31 (4) (e), Stats. Ins 6.41(6)(a)
(a) Arbitrage transactions under s. 611.31 (4) (e), Stats. It shall be unlawful for any director or officer of an insurer to effect any foreign or domestic arbitrage transaction in any equity security of such insurer, unless he or she shall include such transaction in the statements required by s.
611.31 (4) (a), Stats., and shall account to such insurer for the profits arising from such transaction, as provided in s.
611.31 (4) (b), Stats. The provision of s.
611.31 (4) (c), Stats., shall not apply to such arbitrage transactions. The provisions of s.
611.31, Stats., shall not apply to any bona fide foreign or domestic arbitrage insofar as it is effected by any person other than such director or officer of the insurer.
Ins 6.41 Note
Note: Copies of UNITED STATES CODE, title 26, Internal Revenue Code of 1954 as amended to date of adoption of the above section sections 368(c), 422, 423 and 424(b), are available for inspection at the office of the Insurance Department, the Secretary of State, and the Legislative Reference Bureau, or the code may be procured for personal use from the U.S. Government Printing Office, Washington, D. C.
Ins 6.41 History
History: Cr.
Register, August, 1966, No. 128, eff. 9-1-66; am.
Register, December, 1977, No. 264, eff. 1-1-78; am. (1) (d) 2.,
Register, March, 1979, No. 279, eff. 4-1-79; corrections made under s. 13.93 (2m) (b) 5., Stats.,
Register, April, 1992, No. 436; correction in (3) (b) made under s. 13.93 (2m) (b) 7., Stats.,
Register, January, 1999, No. 517; correction in (3) (i) (title) made under s. 13.92 (4) (b) 2., Stats.,
Register, January, 2012 No. 673.
Ins 6.42
Ins 6.42
Initial statement of beneficial ownership of securities. Ins 6.42(1)(1)
Persons required to file statements. A statement on Form 3 (shown at the end of this rule) of initial statement of beneficial ownership of securities is required to be filed by every person who is directly or indirectly the beneficial owner of more than 10% of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such a company.
Ins 6.42(2)(a)
(a) Beginning September 1, 1966, persons who hold any of the relationships specified in sub.
(1) are required to file a statement within 10 days after assuming such relationship. Statements are not deemed to have been filed with the commissioner until they have actually been received by him or her.
