Statutes, codes, and regulations
CODE OF GEORGIA
Title 33 - INSURANCEChapter 14 - DOMESTIC STOCK AND MUTUAL INSURERS
Article 3 - DOMESTIC MUTUAL INSURERS
Section 33-14-74 - Liability of directors for declaration or payment of illegal dividend

Ga. Code § 33-14-74

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Current through 2023-2024 Legislative Session Chapter 709
Section 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.

OCGA § 33-14-74