Insurance Law 1219 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 1218 Regulation of stock ownership, interlocking directors and common management up ARTICLE 12 Organization and Corporate Procedure next SECTION 1220 Misconduct by officers and directors of co-operative fire insurance companies and of fraternal benefit societies Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1219 Misconduct by directors; insolvency Insurance (ISC) CHAPTER 28, ARTICLE 12 § 1219. Misconduct by directors; insolvency. (a) Every director of an insurance corporation who: (1) in case of the fraudulent insolvency of such corporation, shall have participated in such fraud, or (2) as such director, either wilfully does any act expressly forbidden by statute, or wilfully omits to perform any duty imposed upon him by statute, shall be guilty of a misdemeanor, unless otherwise prescribed by law. (b) The insolvency of an insurance corporation is deemed fraudulent unless its affairs appear upon investigation to have been administered fairly, legally and with the same care and diligence that agents receiving a compensation for their services are bound, by law, to observe.