West Virginia § 33-5-19 Illegal dividends; liability; penalty

West Virginia Statutes

§ 33-5-19 — Illegal dividends; liability; penalty

West Virginia § 33-5-19

Ch. 33Â INSURANCE

Art. 5ORGANIZATION AND PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS

This text of West Virginia § 33-5-19 (Illegal dividends; liability; penalty) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 33-5-19 (2026).

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 commissioner may revoke or suspend the license of an insurer which has declared or paid an illegal dividend.

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(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 commissioner may revoke or suspend the license of an insurer which has declared or paid an illegal dividend.