A corporate insider is either a senior officer, director, or an above 10% equity owner. Once classified as a corporate insider, one must adhere to very strict disclosure regulations required by the Securities and Exchange Commission (SEC).
Non-Corporate Insider = an employee who does not fall into one of the above categories: senior officer, director, or an above 10% equity owner
When insiders buy or sell shares in their own companies, they must submit a form 4 to the SEC, which states their position and change in equity. The form must be submitted until the end of the second business day following the change in ownership. However, insiders are not always diligent with submissions making it difficult to have 100% accuracy.