Colorado Statutes
§ 10-3-204 — Payment of dividends
(1)The amount of dividend payments by
any domestic insurance company is wholly within the discretion of its directors or of
the duly constituted executive committee thereof. No dividend shall be paid except
from the company's surplus.
(2)It is unlawful for the directors, trustees, managers, or officers of any
domestic insurance company, directly or indirectly, to make or pay any dividends or
pay any interest, bonus, or other allowance in lieu of dividends, other than premium
refunds and deductions guaranteed, except from the company's surplus and from
profits arising from the company's business. Any person who is found guilty of
violating any provision of this section shall be punished by a fine of not more than
one thousand dollars.
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Legislative History
Source: L. 25: p. 313, � 2. L. 33: p. 615, � 2. CSA: C. 87, � 43. CRS 53: � 72-2-3. C.R.S. 1963: � 72-2-2.
Nearby Sections
15
§ 10-1-101
Legislative declaration§ 10-1-102
Definitions§ 10-1-105
Actuary§ 10-1-107
Personal fees prohibited§ 10-1-109
Rules of commissioner§ 10-1-111
Invoking aid of courts§ 10-1-113
No seal required on policies§ 10-1-114
Sale of premium notes prohibited§ 10-1-115
Penalty§ 10-1-116
Defamation of other companies - penalty§ 10-1-117
Company unauthorized in other states