Georgia Code
Article 3 - Domestic Mutual Insurers
§ 33-14-74. Liability of Directors for Declaration or Payment of Illegal Dividend

Any director of a domestic mutual insurer who willfully and with knowledge votes for or concurs in a declaration or payment of a dividend which reduces surplus below the minimum required surplus shall be guilty of a misdemeanor and shall be jointly and severally liable, together with other such directors likewise voting for or concurring in willfully and with knowledge, for any loss thereby sustained by the insurer.
History. Code 1933, § 56-1526, enacted by Ga. L. 1960, p. 289, § 1.
Cross references.
Punishment for misdemeanors generally, § 17-10-3 .

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Structure Georgia Code

Georgia Code

Title 33 - Insurance

Chapter 14 - Domestic Stock and Mutual Insurers

Article 3 - Domestic Mutual Insurers

§ 33-14-60. Bylaws

§ 33-14-61. Types of Insurance in Which Newly Organized Insurers Authorized to Transact Business; Requirements as to Transaction of Particular Kinds of Insurance Generally

§ 33-14-62. Authorization of Transaction of Additional Kinds of Insurance

§ 33-14-63. Filing of Surety Bond or Deposit by Incorporators of Proposed Insurer; Conditions of Bond or Deposit; Release and Discharge

§ 33-14-64. Solicitation of Applications for Policies Upon Approval of Bond or Deposit; Provisions and Execution of Applications; Requirement of Cash Premiums

§ 33-14-65. Deposit of Premiums and Fees Collected; Issuance and Delivery of Policies by Insurers; Effective Date of Insurance

§ 33-14-66. Return of Deposits or Premiums Upon Failure of Proposed Insurer to Complete Organization and Secure Original Certificate of Authority

§ 33-14-67. Policyholders Deemed Members of Insurers; Persons Entitled to Become Members; Liability Upon Insurance Contracts of Representatives of Members; Rights of Members Generally

§ 33-14-68. Contingent Liability of Members

§ 33-14-69. Levy of Assessment by Directors; Computation of Assessment; Allowance of Offsets Against Assessments

§ 33-14-70. Notice of Assessment; Presumption as to Correctness of Assessment; Proceedings Upon Failure of Member to Pay Assessment

§ 33-14-71. Extinguishment of Contingent Liability; Revocation of Authority to Issue Policies Without Contingent Liability; Issuance of Nonassessable Policies by Foreign or Alien Insurers

§ 33-14-72. Reinsurance of Risks

§ 33-14-73. Dividends Payable Only Out of Net Realized Savings and Earnings

§ 33-14-74. Liability of Directors for Declaration or Payment of Illegal Dividend

§ 33-14-75. Procedure for Merger or Consolidation

§ 33-14-76. Authorization and Procedure for Conversion of Mutual Insurer to Stock Insurer

§ 33-14-77. Distribution of Assets to Members Upon Liquidation of Insurers Generally; Calculation of Distributive Shares of Members