(a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds that represents net realized savings and net realized earnings in excess of the surplus required by law to be maintained.
(b) A dividend otherwise proper may be payable out of the savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.
Section: Previous 21.69.430 21.69.440 21.69.450 21.69.460 21.69.470 21.69.480 21.69.490 21.69.500 21.69.510 21.69.520 21.69.530 21.69.540 21.69.550 21.69.560 21.69.570 NextLast modified: November 15, 2016