(a) Increase of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. The increase shall not be effective unless and until within six months after filing such amendment with the Lieutenant Governor, as required by section 307 of this title, nor until the increased capital has been […]
(a) Reduction of the capital stock of a domestic stock insurer shall be by amendment of its articles of incorporation. No such reduction shall be made which results in capital stock less in amount than the minimum required by this title for the kinds of insurance thereafter to be transacted by the insurer. (b) No […]
(a) No domestic stock insurer shall pay any cash dividend to stockholders except out of that part of its available surplus funds which is derived from any realized net profit on its business. (b) Such an insurer may pay a stock dividend out of any available surplus funds. (c) Payment of any dividend to stockholders […]
Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.
(a) If the capital stock of a domestic stock insurer becomes impaired, the Commissioner shall at once determine the amount of the deficiency and serve notice upon the insurer to require its stockholders to make good the deficiency within 90 days after service of such notice. (b) The deficiency shall be made good in cash, […]
Contributions to the surplus of a domestic stock insurer other than resulting from sale of its capital stock shall not be subject to repayment except out of surplus in excess of the minimum surplus initially required of such an insurer transacting like kinds of insurance.
(a) Any domestic stock insurer may, if its charter so provides, issue policies entitled to participate from time to time in the earnings of the insurer through dividends. (b) Any classification of its participating policies and of risks assumed thereunder which the insurer may make shall be reasonable. No dividend shall be paid which is […]
(a) Any domestic stock insurer may become a domestic mutual insurer pursuant to such plan and procedure as are approved by the Commissioner in advance of such mutualization. (b) The Commissioner shall not approve any such plan, procedure, or mutualization unless— (1) it is equitable to both shareholders and policyholders; (2) it is approved by […]
