Hart Insurance is a regulated insurance company. During the 4th quarter of 2019 the company dProblem eclared a dividend that was paid to shareholders at year end. Also, in the fourth quarter the company had to record a significant insurance loss associated with insurance coverage in an area hit by a major hurricane. As a result of the impairment and the dividend, the company had a retained deficit. However, state insurance laws prohibit paying a dividend when the company has an accumulated deficit.