NU Online News Service, Oct. 24, 4:10 p.m. – North Coast Life Insurance Company, Spokane, Wash., says Washington state insurance regulators have given it approval to make a regular quarterly dividend payment on its 10% Series A Cumulative Convertible Preferred Stock.
Earlier this year, the state Office of the Insurance Commissioner formally spelled out the conditions North Coast must meet before paying dividends on preferred stock.
The company must have at least $4.8 million in capital and surplus, and it must have earned a net profit in at least one of the most recent four quarters.
The company also must generate more in profits than it pays out in dividends.
As long as North Coast meets those conditions for making dividend payments, “approval by the Office of the Insurance Commissioner is automatic within a 15 business-day timeframe,” North Coast says. “Prior to formalizing the conditions, the requirements and timeframe for approval of the preferred stock dividends were not clearly defined.”
North Coast had $5.9 million in statutory capital and surplus June 30, according to company figures.
The company reported $548,000 in statutory net income for the quarter ending June 30 on $6.2 million in revenue.