48.07.080 - Guarantee of officers' obligations prohibited.

Guarantee of officers' obligations prohibited.

No domestic insurer or its affiliates or subsidiaries shall guarantee the financial obligation of any director or officer of such insurer or affiliate or subsidiary in his or her personal capacity, and any such guaranty attempted shall be void.

     This prohibition shall not apply to obligations of the insurer under surety bonds or insurance contracts issued in the regular course of business.

[2009 c 549 § 7026; 1947 c 79 § .07.08; Rem. Supp. 1947 § 45.07.08.]