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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS · Article 3. DOMESTIC MUTUAL INSURERS

33-14-73. Dividends payable only out of net realized savings and earnings.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represent net realized savings and net realized earnings from its business.#

  2. (b)

    A dividend otherwise proper may be payable out of the savings and earnings even though the insurer’s total surplus is then less than the aggregate of its contributed surplus.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 56-1524, enacted by Ga. L. 1960, p. 289, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, page 696; merge action: carried; file SHA-256 4ecec175d949.