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October 24, 2001 at 08:00 PM
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.
