SECTION 628.391. Illegal dividends; penalty.

Latest version.

1(1) 2Any director of a domestic stock or mutual insurer who knowingly votes for or concurs in declaration or payment of a dividend to stockholders or members other than as authorized under s. 34628.371 35or s. 37628.381 38is guilty of a misdemeanor of the second degree, punishable as provided in s. 52775.082 53or s. 55775.083, 56and shall be jointly and severally liable, together with other such directors likewise voting for or concurring, for any loss thereby sustained by creditors of the insurer to the extent of such dividend.
89(2) 90Any stockholder receiving such an illegal dividend shall be liable in the amount thereof to the insurer.
107(3) 108The office may revoke or suspend the certificate of authority of an insurer which has declared or paid such an illegal dividend.

History.-s. 659, ch. 59-205; ss. 13, 35, ch. 69-106; s. 653, ch. 71-136; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1276, ch. 2003-261.

Bills Cite this Section:

None

Cited by Court Cases:

None

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        var href = decodeURIComponent(window.location.href);
                        var url = decodeURIComponent(escape(href.split("#")[0]));
                        url = decodeURIComponent(escape(url.split(",")[0]));
                        art.dialog.defaults.title = url;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');