Cal. INS § 4050
This is the official text of Cal. INS § 4050, part of California’s Insurance Code — regulates insurance companies and the insurance policies sold in California.
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Official statutory text
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 represents net realized savings, net realized earnings, and net realized capital gains, all in excess of a surplus equivalent to the aggregate of paid-in capital and unassigned surplus required by this code for the issuance of a certificate of authority to a capital stock insurer transacting the same classes of insurance.
Status: in_force · Read it on the official government site
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