WVC 33 - 5 - 19
§33-5-19. Illegal dividends; liability; penalty.
(a) Any director of a domestic stock or mutual insurer who
votes for or concurs in declaration or payment of an illegal
dividend to stockholders or members shall upon conviction thereof
be guilty of a misdemeanor, and shall be jointly and severally
liable, together with other such directors, for any loss thereby
sustained by the insurer.
(b) The stockholders or members receiving such an illegal
dividend shall be liable in the amount thereof to the insurer.
(c) The commissioner may revoke or suspend the license of an
insurer which has declared or paid an illegal dividend.
Note: WV Code updated with legislation passed through the 2012 1st Special Session