Section 38, The Insurance Act, 2016

(1) No insurer shall declare or distribute any dividendexcept from profits approved by its governing body as profits on hand after retaining unimpaired– (a) the entire paid-up capital stock; (b) the statutory margin of solvency, the statutory reserve fund or technical reserve as the case may be; and (c) a sum sufficient to pay all net losses reported in the case of settlement all liabilities for expenses of management, rates and taxes, (2) Any dividend declared or distributed under subsection (1) shall be reported to the Commissioner within thirty days after such declaration or distribution.