§ 33-14-40. Reinsurance of Risks Generally; Bulk Insurance Agreements

A domestic stock insurer may accept reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact direct insurance unless such reinsurance is prohibited by its charter. A domestic stock insurer may reinsure all or substantially all of its business in force or substantially all of a major […]

§ 33-14-41. Dividends Payable Only Out of Realized Profits or Upon Special Approval of Commissioner

As used in this Code section, the term “unassigned surplus” means, with respect to a stock insurer, undistributed, accumulated surplus, including net income and unrealized gains, since the organization of such insurer. A domestic stock insurer may pay dividends to its stockholders only out of unassigned surplus or upon special approval of the Commissioner upon […]

§ 33-14-42. Illegal Dividends

Any director of a domestic stock insurer who votes for or concurs in declaration or payment of an illegal dividend to stockholders shall upon conviction thereof be guilty of a misdemeanor and shall be jointly and severally liable together with other such directors for any loss thereby sustained by the insurer. The stockholders receiving such […]

§ 33-14-43. Authorization and Procedure for Merger or Consolidation; Receipt of Consideration by Directors, Officers, Agents, or Employees; Formation of Domestic Insurance Company for Sole Purpose of Merging or Consolidating With Existing Domestic Insurer

A domestic stock insurer may merge or consolidate with one or more domestic, alien, or foreign stock corporations by complying with the applicable laws of this state governing the merger or consolidation of stock corporations formed for profit and Code Sections 33-14-5 and 33-14-6. No director, officer, agent, or employee of any insurer party to […]

§ 33-14-44. Authorization and Procedure for Conversion of Stock Insurer to Mutual Insurer

A domestic stock insurer certified to issue only those kinds of insurance which domestic mutual insurers are authorized to issue under this title may become a domestic mutual insurer pursuant to such plan and procedure as may be approved in advance by the Commissioner. The Commissioner shall not approve any such plan or procedure unless: […]

§ 33-14-45. Classes of Common or Preferred Shares

A domestic stock insurer may have one or more classes of common or preferred shares, all of which shall be shares with par value in accordance with paragraph (5) of subsection (b) of Code Section 33-14-4 and any or all of which may, subject to any restrictions of this title, consist of shares with full, […]