Alaska § 21.69.510 - Illegal dividends.
Full text of Alaska Alaska Statutes § 21.69.510 — Illegal dividends., with citation guidance and answers to common questions.
§ 21.69.510. Illegal dividends.
(a) A director of a domestic stock or mutual insurer determined by the director, following an appropriate hearing as provided in AS 21.06.170 — 21.06.230, to have voted for or concurred in a declaration or payment of a dividend to stockholders or members other than as authorized under AS 21.69.490 or 21.69.500 is subject to a civil penalty of not more than $2,500 and is jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.
(b) A stockholder receiving an illegal dividend shall be liable in the amount of it to the insurer.
(c) The director may revoke or suspend the certificate of authority of an insurer that has declared or paid an illegal dividend.
Frequently Asked Questions About Alaska § 21.69.510
What does Alaska Statutes § 21.69.510 cover?
Section 21.69.510 ("Illegal dividends.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 21.69.510?
A common citation format is "Alaska Statutes § 21.69.510" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 21.69.510 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.