Montana Code Annotated 2017

TITLE 33. INSURANCE AND INSURANCE COMPANIES

CHAPTER 3. DOMESTIC STOCK AND MUTUAL INSURERS

Part 4. Finance

Dividends To Mutual Policyholders

33-3-423. Dividends to mutual policyholders. (1) 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 represents net realized savings and net realized earnings in excess of the surplus required by law to be maintained.

(2) A dividend otherwise proper may be payable out of such savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.

History: En. Sec. 453, Ch. 286, L. 1959; R.C.M. 1947, 40-4736.