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The Florida Statutes

The 2017 Florida Statutes

Title XXXVII
INSURANCE
Chapter 628
STOCK AND MUTUAL INSURERS; HOLDING COMPANIES
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F.S. 628.391
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.
History.s. 659, ch. 59-205; ss. 13, 35, ch. 69-106; s. 653, ch. 71-136; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 665, 809(1st), ch. 82-243; ss. 187, 188, ch. 91-108; s. 4, ch. 91-429; s. 1276, ch. 2003-261.