(a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130, to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.
(b) Any stockholder receiving such a dividend shall be liable in the amount thereof to the insurer.
(c) The Insurance Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend other than as so authorized.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 69 - Domestic Stock and Mutual Insurers
Subchapter 1 - General Provisions
§ 23-69-103. Inapplicability of general corporation statutes
§ 23-69-104. Powers of company not enlarged
§ 23-69-106. Articles of incorporation — Filing and approval
§ 23-69-107. Articles of incorporation — Amendment
§ 23-69-109. Pecuniary interest of officers, directors, employees, etc
§ 23-69-110. Vacancies on the board of directors
§ 23-69-111. Corporate powers and duties
§ 23-69-112. Initial qualifications — Domestic mutuals
§ 23-69-113. Formation of nonlife mutual insurer — Deposit required
§ 23-69-114. Formation of nonlife mutual insurer — Applications for insurance
§ 23-69-115. Trust deposit of premiums — Issuance of policies — Mutual insurers
§ 23-69-116. Failure to complete organization — Mutual insurers
§ 23-69-117. Additional kinds of insurance — Mutual insurers
§ 23-69-118. Membership — Mutual insurers
§ 23-69-119. Bylaws — Mutual insurers
§ 23-69-120. Meetings of stockholders or members
§ 23-69-121. Stockholders' voting rights
§ 23-69-122. Proxies — Stock insurers
§ 23-69-123. Buying of vote or proxy — Corrupt and dishonest practices prohibited
§ 23-69-124. Contingent liability of nonlife mutual members
§ 23-69-125. Contingent liability and assessability of policies — Mutual insurers
§ 23-69-126. Participating policies
§ 23-69-127. Consideration for stock
§ 23-69-128. Transfer of stock
§ 23-69-129. Dividends to stockholders
§ 23-69-130. Dividends to mutual policyholders
§ 23-69-131. Unauthorized dividends prohibited
§ 23-69-133. Stockholders' liability
§ 23-69-134. Maintenance of home office and records
§ 23-69-135. Evidence of disbursement required
§ 23-69-136. Situs of personal property for taxation
§ 23-69-137. Management and exclusive agency contracts
§ 23-69-138. Impairment of capital or assets
§ 23-69-139. Assessment of stockholders or members
§ 23-69-140. Mutualization of stock insurers
§ 23-69-141. Converting mutual insurer to stock insurer
§ 23-69-142. Mergers and consolidations and acquisition by exchange of stock
§ 23-69-143. Mergers and consolidations — Mutual insurers
§ 23-69-144. Agreement or adoption of plan for merger, consolidation, or plan of exchange of shares
§ 23-69-145. Effect of merger or consolidation
§ 23-69-146. Effect of exchange under plan of exchange
§ 23-69-147. Acquiring and acquired corporations under a plan of exchange to be separate
§ 23-69-148. Nonconsenting stockholders
§ 23-69-149. Assumption reinsurance — Stock insurers
§ 23-69-150. Assumption reinsurance — Mutual insurers
§ 23-69-151. Voluntary dissolution — Procedure
§ 23-69-152. Dissolution — Directors to act as trustees
§ 23-69-153. Dissolution — Continuation for suits and settling business
§ 23-69-154. Voluntary dissolution — Distribution of assets to stockholders