(a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130, to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.
(b) Any stockholder receiving such a dividend shall be liable in the amount thereof to the insurer.
(c) The Insurance Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend other than as so authorized.
Section: Previous 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 23-69-137 23-69-138 NextLast modified: November 15, 2016