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- Alaska Statutes.
- Title 21. Insurance
- Chapter 69. Organization and Corporate Procedures
- Section 510. Illegal Dividends.
previous: Section 500
. Dividends to Mutual Policyholders.
next: Section 520
. Borrowed Surplus.
AS 21.69.510. Illegal Dividends.
- (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
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