O.C.G.A.
O.C.G.A. § 33-14-73 (2019)
Dividends payable only out of net realized savings and earnings
✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represent net realized savings and net realized earnings from its business.
(b) A dividend otherwise proper may be payable out of the savings and earnings even though the insurer’s total surplus is then less than the aggregate of its contributed surplus.
History
Code 1933, § 56-1524, enacted by Ga. L. 1960, p. 289, § 1.
Annotations
RESEARCH REFERENCES Am. Jur. 2d. - 43 Am. Jur. 2d, Insurance, § 79 et seq. C.J.S. - 44 C.J.S., Insurance, §§ 180 et seq., 196 et seq.
ALR. - Apportionment of divisible surplus of insurance company between different policies, 108 A.L.R. 1212.