Syfert Injury Law Firm

Your Trusted Partner in Personal Injury & Workers' Compensation

Call Now: 904-383-7448
O.C.G.A. § 33-14-41 — Dividends payable only out of realized profits or upon special approval of Commissioner | Georgia Code
O.C.G.A. § 33-14-41 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 14. Domestic Stock and Mutual Insurers, 33-14-1 through 33-14-109.

ARTICLE 2 DOMESTIC STOCK INSURERS

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

  1. 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.
  2. 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.
  3. 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:
    1. Approved the payment of such dividend; or
    2. 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 (2) of subsection (c).

Law reviews.

- For note on 2000 amendment of O.C.G.A. § 33-14-41, see 17 Ga. St. U.L. Rev. 212 (2000).

OPINIONS OF THE ATTORNEY GENERAL

This section does not relate to "stock dividends." 1963-65 Op. Att'y Gen. p. 205.

RESEARCH REFERENCES

ALR.

- Apportionment of divisible surplus of insurance company between different policies, 108 A.L.R. 1212.

Database error: SQLSTATE[HY000]: General error: 8 attempt to write a readonly database

This Georgia Code resource is curated by an Orange Park personal injury and workers' comp lawyer, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. Attorney Syfert regularly works with Title 33 in the context of Georgia insurance coverage law and represents clients throughout Northeast Florida and South Georgia. For legal consultation, call 904-383-7448.