Section 1219. Misconduct by directors; insolvency

(a) Every director of an
  insurance corporation who:
    (1) in case of the fraudulent insolvency of  such  corporation,  shall
  have participated in such fraud, or
    (2) as such director, either wilfully does any act expressly forbidden
  by  statute,  or  wilfully omits to perform any duty imposed upon him by
  statute,
  shall be guilty of a misdemeanor, unless otherwise prescribed by law.
    (b) The insolvency of an insurance corporation  is  deemed  fraudulent
  unless  its  affairs appear upon investigation to have been administered
  fairly, legally and  with  the  same  care  and  diligence  that  agents
  receiving  a  compensation  for  their  services  are  bound, by law, to
  observe.