Section 21.69.510. Illegal dividends.

Latest version.

   (a) A director of a domestic stock or mutual insurer determined by the director, following an appropriate hearing as provided in AS 21.06.170 - 21.06.230, to have voted for or concurred in a declaration or payment of a dividend to stockholders or members other than as authorized under AS 21.69.490 or 21.69.500 is subject to a civil penalty of not more than $2,500 and is jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.
   (b) A stockholder receiving an illegal dividend shall be liable in the amount of it to the insurer.
   (c) The director may revoke or suspend the certificate of authority of an insurer that has declared or paid an illegal dividend.

Notes

History

(Sec. 1 ch 120 SLA 1966; am Sec. 17 ch 149 SLA 1984)

                    
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