Florida § 628.391 - Illegal dividends; penalty.
Full text of Florida Florida Statutes § 628.391 — Illegal dividends; penalty., with citation guidance and answers to common questions.
§ 628.391. Illegal dividends; penalty.
(1) Any director of a domestic stock or mutual insurer who knowingly votes for or concurs in declaration or payment of a dividend to stockholders or members other than as authorized under s. 628.371 or s. 628.381 is guilty of a misdemeanor of the second degree, punishable as provided in s. 775.082 or s. 775.083, and shall be jointly and severally liable, together with other such directors likewise voting for or concurring, for any loss thereby sustained by creditors of the insurer to the extent of such dividend. (2) Any stockholder receiving such an illegal dividend shall be liable in the amount thereof to the insurer. (3) The office may revoke or suspend the certificate of authority of an insurer which has declared or paid such an illegal dividend.
Frequently Asked Questions About Florida § 628.391
What does Florida Statutes § 628.391 cover?
Section 628.391 ("Illegal dividends; penalty.") is part of the Florida Statutes, the codified statutory law of Florida. 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 Florida § 628.391?
A common citation format is "Florida Statutes § 628.391" (Florida). 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 Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 628.391 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida 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 Florida.