617.22 Dividends and other distributions.
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/wi/chapter-617/617-22-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
617.22 Dividends and other distributions.
(1)General. Any action by the board of a stock insurer authorized to do business in this state authorizing any distribution to shareholders other than a stock dividend shall be reported to the commissioner in writing. No payment may be made until at least 30 days after such report.
(2)New corporations. For 5 years after the initial issuance of a certificate of authority, no payment may be made under sub.
(1)until at least 45 days after the report. The commissioner may extend the waiting period an additional 45 days by giving notice to the corporation not less than 5 days before expiration of the first 45-day period.