{"data":{"id":"us-mi/mich.-comp.-laws-500.5267","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 500.5267","heading":"Dividends to stockholders; domestic fire insurance company.","body":"Sec. 5267.\n\nIt shall not be lawful for the directors or managers of any domestic fire insurance company to declare any dividend, except from the surplus profits arising from their business; and in estimating such profits, there shall be reserved from its admitted assets a sum equal to the amount of unearned premiums on unexpired risks and policies, and all other outstanding liabilities: Provided, always, That no company may declare dividends exceeding 10%, on its capital stock, in any 1 year, unless it shall have accumulated and be in possession of a surplus, in addition to the amount of its capital stock, and of such dividend, and all outstanding liabilities, equal to 1/4 of the amount of the unearned premiums on risks not terminated at the time of making such dividend or 1/2 of its capital stock, whichever is the greater. Any dividend made contrary to these provisions, shall subject the company making the same to a forfeiture of its corporate rights, and each stockholder receiving it to a liability to the creditors of such company to the extent of the dividend received, in addition to the other penalties and punishments in such case made and provided.","path":["MI Code","Chapter 500","Act Act-218-of-1956"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-500-5267","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c950dd5d24a7643aba17f06119dae28a6680aa4d329a3f36b611f2c56e1244e9","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-500.5266","next":"us-mi/mich.-comp.-laws-500.527"},"notice":"GroundRules: Original legal text. Not legal advice."}