(a) A domestic stock insurer shall not pay any dividend to stockholders except out of that part of its available surplus funds which is derived from net profits on its business.
(b) A stock dividend may be paid out of any available surplus funds in excess of the aggregate amount of surplus loaned to the insurer under ยง 23-69-132.
(c) A dividend otherwise proper may be payable out of the insurer's earned surplus even though its total surplus is then less than the aggregate of its past contributed surplus resulting from issuance of its capital stock at a price in excess of the par value thereof.
Section: Previous 23-69-122 23-69-123 23-69-124 23-69-125 23-69-126 23-69-127 23-69-128 23-69-129 23-69-130 23-69-131 23-69-132 23-69-133 23-69-134 23-69-135 23-69-136 NextLast modified: November 15, 2016