§ 58-58-130. Distribution of surplus in mutual companies.
§58‑58‑130. Distribution of surplus in mutual companies.
Every life insurance companydoing business in this State upon the principle of mutual insurance, or themembers of which are entitled to share in the surplus funds thereof, maydistribute the surplus annually, or once in two, three, four, or five years, asits directors determine. No payments shall be made to policyholders by way ofdividends unless the company possesses admitted assets in the amount of suchpayments in excess of its capital and/or minimum required surplus and all otherliabilities. (1903, c. 536, s. 10; Rev., s. 4776; C.S., s. 6466;1945, c. 379.)