Georgia § 33-14-41 - Dividends payable only out of realized profits or upon special approval of Commissioner.

§ 33-14-41. Dividends payable only out of realized profits or upon special approval of Commissioner.

As used in this Code section, the term "unassigned surplus" means, with respect to a stock insurer, undistributed, accumulated surplus, including net income and unrealized gains, since the organization of such insurer. A domestic stock insurer may pay dividends to its stockholders only out of unassigned surplus or upon special approval of the Commissioner upon the terms and conditions set out in subsection (c) of this Code section. Notwithstanding any other provision of the law, a domestic stock insurer may, conditioned upon receipt of the Commissioner's approval, declare a dividend from other than unassigned surplus; provided, however, that such declaration shall confer no rights upon the security holders of such insurer and such insurer may not pay such dividend until the Commissioner has: Approved the payment of such dividend; or Not disapproved the payment of such dividend within 30 days after receipt of notice from such insurer of the declaration thereof. (Code 1933, § 56-1523, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1965, p. 483, § 1; Ga. L. 1993, p. 625, § 3.) Code Commission notes. - Pursuant to Code Section 28-9-5, in 1993, "accumulated surplus" was substituted for "accumulated, surplus" in subsection (a) and "30 days" was substituted for "thirty days" in paragraph (c)(2).