Section 58-5A-36 - Application for approval of extraordinary distribution--Contents.
58-5A-36. Application for approval of extraordinary distribution--Contents. Requests for approval of extraordinary dividends or any other extraordinary distribution to security holders shall include the following:
(1) The date established for payment of the dividend;
(2) A statement as to whether the dividend is to be in cash or other property and, if in property, a description thereof, its cost, and its fair market value together with an explanation of the basis for valuation;
(3) The amounts and dates of all dividends, including regular dividends, paid within the period of twelve consecutive months ending on the date fixed for payment of the proposed dividend for which approval is sought and commencing on the day after the same day of the same month in the last preceding year;
(4) A balance sheet and statement of income for the period intervening from the last annual statement filed with the director and the end of the month preceding the month in which the request for dividend approval is submitted;
(5) A brief statement as to the effect of the proposed dividend upon the insurer's surplus and the reasonableness of surplus in relation to the insurer's outstanding liabilities and the adequacy of surplus relative to the insurer's financial needs.
Source: SL 1972, ch 267, § 30.