Idaho § 41-2845 - Illegal dividends - Penalty
Full text of Idaho Idaho Statutes § 41-2845 — Illegal dividends - Penalty, with citation guidance and answers to common questions.
§ 41-2845. Illegal dividends - Penalty
(1) Any director of a domestic stock insurer or domestic mutual insurer who knowingly votes for or concurs in declaration or payment of a dividend to stockholders or policyholders other than as authorized under sections 41-2843 or 41-2844 shall upon conviction thereof be subject to the penalties provided by section 41-117 (general penalty), 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 director may revoke or suspend the certificate of authority of any insurer which has declared or paid such an illegal dividend.
[41-2845, added 1961, ch. 330, sec. 613, p. 645.]
Frequently Asked Questions About Idaho § 41-2845
What does Idaho Statutes § 41-2845 cover?
Section 41-2845 ("Illegal dividends - Penalty") is part of the Idaho Statutes, the codified statutory law of Idaho. 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 Idaho § 41-2845?
A common citation format is "Idaho Statutes § 41-2845" (Idaho). 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 Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 41-2845 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho 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 Idaho.