companies. (1) When doing so is in the best interests of the company, the directors of a domestic mutual insurer or a domestic mutual insurance holding company shall declare, apportion, and pay to the domestic mutual insurer's or the domestic mutual insurance holding company's members dividends from the domestic mutual insurer's or the domestic mutual insurance holding company's net savings and earnings. (2) (a) The mutual insurer or mutual insurance holding company shall make a reasonable classification of the mutual insurer's or the mutual insurance holding company's participating policies and the mutual insurer's or the mutual insurance holding company's assumed risks. (b) No dividend shall be paid that is inequitable, unfairly discriminates between classifications of insurance contracts, or unfairly discriminates between policies within the same classification. (3) Unless stated in the policy, no dividend, otherwise earned, shall be contingent upon the payment of the renewal premium on a policy. (4) Subsection (1) may not be construed to require a mutual insurer or mutual insurance holding company that the United States Internal Revenue Service determines to be a nonprofit organization to pay a dividend in a manner which would jeopardize that status. (5) (a) At least 30 days before the day on which a dividend distribution occurs, a mutual insurer or mutual insurance holding company shall file with the commissioner a schedule explaining the basis for the dividend distribution. (b) The commissioner shall keep a schedule a mutual insurer or mutual insurance holding company files in accordance with this Subsection (5) confidential unless the commissioner finds that the interests of insureds and the public require that the commissioner make the schedule public.
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