West Virginia § 33-5-18 Dividends to mutual members

West Virginia Statutes

§ 33-5-18 — Dividends to mutual members

West Virginia·Ch. 33 Â INSURANCE·Art. 5 ORGANIZATION AND PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS

(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 represents net realized savings and net realized earnings from its business.

(b)A dividend otherwise proper may be payable out of such savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.

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(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 represents net realized savings and net realized earnings from its business.

(b) A dividend otherwise proper may be payable out of such savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.

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