Okla. Stat. tit. 36, § 36-2124
This is the official text of Okla. Stat. tit. 36, § 36-2124, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Illegal dividends - penalty
Official statutory text
A. Any director of a domestic stock or mutual insurer who votes
for or concurs in declaration or payment of an illegal dividend to
stockholders or members 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.
B. The stockholders or members receiving such an illegal
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 an
illegal dividend.
for or concurs in declaration or payment of an illegal dividend to
stockholders or members 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.
B. The stockholders or members receiving such an illegal
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 an
illegal dividend.
Status: in_force · Read it on the official government site
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