31A-5-418. Dividends and other distributions.
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31A-5-418. Dividends and other distributions.
(1)Subject to the requirements of Section 16-10a-842 and Subsection 31A-16-106(2) , a stock corporation may make distributions under Section 16-10a-640 if all the following conditions are satisfied:
(a)A dividend may not be paid that would reduce the insurer's total adjusted capital below the insurer's company action level RBC as defined in Subsection 31A-17-601(8)(b) .
(b)Except as to excess surplus, or unless the commissioner issues an order allowing otherwise, a dividend may not be paid that exceeds the insurer's net gain from operations or net income for the period ending December 31 of the preceding year.
(2)Title 67, Chapter 4a, Revised Uniform Unclaimed Property Act , applies to unclaimed dividends and distributions in insurance corporations.
Amended by Chapter 116 , 2001 General Session