reglab/housing_qa huggingface dataset:
SD Codified L § 58-29B-41 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-41 - Petition for liquidation--Grounds.

58-29B-41. Petition for liquidation--Grounds.The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following:(1)Any ground for an order of rehabilitation as specified in §58-29B-31, whether or not there has been a prior order directing the rehabilitation of the insurer;(2)The insurer is insolvent; or(3)The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public. Source: SL 1989, ch 436, §41.
SD Codified L § 58-29B-42 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-42 - Order of liquidation--Contents--Title vested in liquidator--Effect of filing or recording.

58-29B-42. Order of liquidation--Contents--Title vested in liquidator--Effect of filing or recording.An order to liquidate the business of a domestic insurer shall contain appointment of the director and his successors in office as liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The liquidator shall be vested by operation of law with the title to all property, contracts, and rights of action and all of the books and records of the insurer ordered liquidated, wherever located, as of the entry of the final order of liquidation. The filing or recording of the order with the clerk of the circuit court of Hughes County and the register of deeds of the county in which its principal office or place of business is located, or, in the case of real estate with the register of deeds of the county where the property is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that register of deeds would have imparted. Source: SL 1989, ch 436, §42.
SD Codified L § 58-29B-42.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-42.1 - Plan for continued performance of policy claim obligations during appeal of liquidation order.

58-29B-42.1. Plan for continued performance of policy claim obligations during appeal of liquidation order.If an insurer is in liquidation, within five days of July 1, 1992, or, if later, within five days after the initiation of an appeal of an order of liquidation, which order has not been stayed, the director shall present for the court's approval a plan for the continued performance of the company's policy claims obligations, including the duty to defend insureds under liability insurance policies, during the pendency of an appeal. The plan shall provide for the continued performance and payment of policy claims obligations in the normal course of events, notwithstanding the grounds alleged in support of the order of liquidation includes the ground of insolvency. If the company's financial condition does not, in the judgment of the director, support the full performance of all policy claims obligations during the appeal period, the plan may prefer the claims of certain policyholders and claimants over creditors and interested parties as well as other policyholders and claimants, as the director finds to be fair and equitable considering the relative circumstances of the policyholders and claimants. The court shall examine the plan submitted by the director and if it finds the plan to be in the best interests of the parties, the court shall approve the plan. No action may lie against the director or any of his deputies, agents, clerks, assistants, or attorneys by any party based on preference in a plan during the pendency of appeal approved by the court.The plan may not supersede or affect the obligations of any insurance guaranty association.If the liquidator pays claims from assets of the estate, which would otherwise be the obligations of any particular guaranty association but for the appeal of the order of liquidation, the plans, during the appeal period, shall provide for equitable adjustments to be made by the liquidator to any distributions of assets to guaranty associations, so that all guaranty associations equally benefit on a pro rata basis from the assets of the estate. Further, if an order of liquidation is set aside upon any appeal, the company may not be released from delinquency proceedings until all funds advanced by any guaranty association, including reasonable administrative expenses relating to obligations of the company, are repaid in full, together with interest at the judgment rate of interest or unless an arrangement for repayment has been made with the consent of all applicable guaranty associations. Source: SL 1992, ch 351, §5.
SD Codified L § 58-29B-43 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-43 - Rights and liabilities fixed upon issuance of order.

58-29B-43. Rights and liabilities fixed upon issuance of order.Upon issuance of the order to liquidate, the rights and liabilities of any such insurer and of its creditors, policyholders, shareholders, members, and all other persons interested in its estate shall become fixed as of the date of entry of the order of liquidation, except as provided in §§58-29B-47 and 58-29B-112 to 58-29B-114, inclusive. Source: SL 1989, ch 436, §43.
SD Codified L § 58-29B-44 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-44 - Order to liquidate alien insurer domiciled in state--Effect.

58-29B-44. Order to liquidate alien insurer domiciled in state--Effect.An order to liquidate the business of an alien insurer domiciled in this state shall be in the same terms and have the same legal effect as an order to liquidate a domestic insurer, except that the assets and the business in the United States shall be the only assets and business included therein. Source: SL 1989, ch 436, §44.
SD Codified L § 58-29B-45 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-45 - Declaration of insurer's insolvency--Procedure.

58-29B-45. Declaration of insurer's insolvency--Procedure.At the time of the petition for an order of liquidation, or at any time thereafter, the director, after making appropriate findings of an insurer's insolvency, may petition the court for a judicial declaration of such insolvency. After providing such notice and hearing as it deems proper the court may make the declaration. Source: SL 1989, ch 436, §45.
SD Codified L § 58-29B-46 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-46 - Order of liquidation--Financial reports required--Annual filing.

58-29B-46. Order of liquidation--Financial reports required--Annual filing.Any order issued under §§58-29B-41 to 58-29B-45, inclusive, shall require financial reports to the court by the liquidator.Financial reports shall include, at a minimum, the assets and liabilities of the insurer and all funds received or disbursed by the liquidator during the current period. Financial reports shall be filed within one year of the liquidation order and at least annually thereafter. Source: SL 1989, ch 436, §46; SL 1992, ch 351, §4.
SD Codified L § 58-29B-47 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-47 - Effect of order upon policies in effect at time of issuance.

58-29B-47. Effect of order upon policies in effect at time of issuance.All policies, including bonds and other noncancellable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force for the lesser of:(1)A period of thirty days from the date of entry of the liquidation orders;(2)The expiration of the policy coverage;(3)The date when the insured has replaced the insurance coverage with equivalent insurance coverage in another insurer or otherwise terminated the policy; or(4)The liquidator has effected a transfer of the policy obligation pursuant to §58-29B-49.An order of liquidation under §§58-29B-41 to 58-29B-45, inclusive, shall terminate coverages at the time specified in this section for purposes of any other statute.Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association.Policies of life or health insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate according to this section. Source: SL 1989, ch 436, §47; SL 1992, ch 351, §6.
SD Codified L § 58-29B-48 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-48 - Order to dissolve corporate existence--Procedure.

58-29B-48. Order to dissolve corporate existence--Procedure.The director may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the director upon or after the granting of a liquidation order. Dissolution may also be effected by operation of law upon the discharge of the liquidator, if the insurer is insolvent and may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason. Source: SL 1989, ch 436, §48.
SD Codified L § 58-29B-50 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-50 - Enumeration in § 58-29B-49 not exclusive.

58-29B-50. Enumeration in §58-29B-49 not exclusive.The enumeration, in §58-29B-49, of the powers and authority of the liquidator may not be construed as a limitation upon him, nor may it exclude in any manner his right to do such other acts not herein specifically enumerated, or otherwise provided for, as may be necessary or appropriate for the accomplishment of or in aid of the purpose of liquidation. Source: SL 1989, ch 436, §50.
SD Codified L § 58-29B-50.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-50.1 - Obligations of liquidator subsequent to entry of liquidation order.

58-29B-50.1. Obligations of liquidator subsequent to entry of liquidation order.Notwithstanding the powers of the liquidator as stated in §§58-29B-47 and 58-29B-50, the liquidator has no obligation to defend claims or to continue to defend claims subsequent to the entry of a liquidation order. Source: SL 1992, ch 351, §8.
SD Codified L § 58-29B-51 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-51 - Notice of liquidation order.

58-29B-51. Notice of liquidation order.Unless the court otherwise directs, the liquidator shall give notice of the liquidation order as soon as possible but in no event more than ten days from the date of entry of the order to liquidate:(1)By first class mail or by telegram or telephone to the insurance director of each jurisdiction in which the insurer is doing business;(2)By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;(3)By first class mail to any insurance producer of the insurer;(4)By first class mail to any person known or reasonably expected to have claims against the insurer including any policyholder, at the person's last known address as indicated by the records of the insurer; and(5)By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator considers appropriate. Source: SL 1989, ch 436, §51; SL 2001, ch 286, §144.
SD Codified L § 58-29B-52 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-52 - Duties of claimant upon notice of liquidation.

58-29B-52. Duties of claimant upon notice of liquidation.Notice to any potential claimant under §58-29B-51 requires such claimant to file with the liquidator his claims together with proper proofs thereof under §§58-29B-106 to 58-29B-110, inclusive, on or before a date the liquidator shall specify in the notice. The liquidator need not require any person claiming cash surrender values or other investment values in life insurance and annuities to file a claim. All claimants shall keep the liquidator informed of any changes of address. If notice is given in accordance with §58-29B-51, the distribution of assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice. Source: SL 1989, ch 436, §52.
SD Codified L § 58-29B-53 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-53 - Duties of insurance producer upon notice of liquidation.

58-29B-53. Duties of insurance producer upon notice of liquidation.Every person who receives notice in the form prescribed in §58-29B-51 that an insurer which the person represents is the subject of a liquidation order shall, within five days of the notice, give written notice of the liquidation order by first class mail to the last known address contained in the insurance producer's records to each policyholder or other person named in any policy issued through the insurance producer by the insurer. A policy is deemed issued through an insurance producer if the insurance producer has a property interest in the expiration of the policy at any time during the life of the policy, unless the ownership of the expiration of the policy has been transferred to another. The written notice shall include the name and address of the insurer, the name and address of the insurance producer, identification of the policy impaired, and the nature of the impairment including termination of coverage, as described in §58-29B-47. Each insurance producer obligated to give notice under this section shall file a report of compliance with the liquidator within five days of the receipt of the notice from the liquidator. Source: SL 1989, ch 436, §53; SL 2001, ch 286, §145.
SD Codified L § 58-29B-54 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-54 - Failure of insurance producer to comply with § 58-29B-53--Penalty--Liquidator's waiver of duties.

58-29B-54. Failure of insurance producer to comply with §58-29B-53--Penalty--Liquidator's waiver of duties.Any insurance producer failing to give notice or file a report of compliance as required in §58-29B-53 may be subject to payment of a penalty of not more than one thousand dollars and may have the insurance producer's license suspended, which may only be imposed after a hearing held by the director. The liquidator may waive the duties imposed by §58-29B-53 if he determines that other notice to the policyholders of the insurer under liquidation is adequate. Source: SL 1989, ch 436, §54; SL 2001, ch 286, §146.
SD Codified L § 58-29B-55 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-55 - Appointment of liquidator--Effect upon actions and injunctions pending against insurer or liquidator--Liquidator's right to intervene.

58-29B-55. Appointment of liquidator--Effect upon actions and injunctions pending against insurer or liquidator--Liquidator's right to intervene.Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity may be brought against the insurer or liquidator, whether in this state or elsewhere, nor may any such existing action be maintained or further presented after issuance of such order. The courts of this state shall give full faith and credit to injunctions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, if such injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states. If in the liquidator's judgment, protection of the estate of the insurer requires intervention in an action against the insurer that is pending outside this state, he may intervene in this action. The liquidator may defend any action in which he intervenes under this section at the expense of the estate of the insurer. Source: SL 1989, ch 436, §55.
SD Codified L § 58-29B-56 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-56 - Time periods in which liquidator may act for or institute action on behalf of insurer.

58-29B-56. Time periods in which liquidator may act for or institute action on behalf of insurer.The liquidator may, upon or after an order for liquidation, within two years or such time in addition to two years as applicable law may permit, institute an action or proceeding on behalf of the estate of the insurer upon any cause of action against which the statute of limitations has not expired at the time of the filing of the petition upon which such order is entered. If, by any agreement, a period of limitation is fixed for instituting a suit or proceeding upon any claim, or for filing any claim, proof of claim, proof of loss, demand, notice, or the like, or where in any proceeding, judicial or otherwise, a period of limitation is fixed, either in the proceeding or by applicable law, for taking any action, filing any claim or pleading, or doing any act, and where in any such case the period had not expired at the date of the filing of the petition, the liquidator may, for the benefit of the estate, take any such action or do any such act, required of or permitted to the insurer, within a period of one hundred eighty days subsequent to the entry of an order for liquidation, or within such further period as is shown to the satisfaction of the court not to be unfairly prejudicial to the other party. Source: SL 1989, ch 436, §56.
SD Codified L § 58-29B-57 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-57 - Petition for liquidation--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition filed.

58-29B-57. Petition for liquidation--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition filed.No statute of limitations or defense of laches may run with respect to any action against an insurer between the filing of a petition for liquidation against an insurer and the denial of the petition. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least sixty days after the petition is denied. Source: SL 1989, ch 436, §57.
SD Codified L § 58-29B-58 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-58 - Guaranty associations--Standing to appear in liquidation proceedings.

58-29B-58. Guaranty associations--Standing to appear in liquidation proceedings.Any guaranty association or foreign guaranty association may appear in any court proceeding concerning the liquidation of an insurer if such association is or may become liable to act as a result of the liquidation of an insurer if such association is or may become liable to act as a result of the liquidation of an insurer. Source: SL 1989, ch 436, §58.
SD Codified L § 58-29B-59 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-59 - Liquidator to prepare list of insurer's assets--Filing requirements.

58-29B-59. Liquidator to prepare list of insurer's assets--Filing requirements.As soon as practicable after the liquidation order, but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be filed in the office of the clerk of the circuit court of Hughes County and one copy shall be retained for the liquidator's files. All amendments and supplements shall be similarly filed. A submission to the court for disbursement of assets in accordance with §§58-29B-98 to 58-29B-100, inclusive, fulfills the requirements of this section. Source: SL 1989, ch 436, §59.
SD Codified L § 58-29B-60 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-60 - Reduction of assets to appropriate degree.

58-29B-60. Reduction of assets to appropriate degree.The liquidator shall reduce the assets to a degree of liquidity that is consistent with the execution of the liquidation. Source: SL 1989, ch 436, §60.
SD Codified L § 58-29B-61 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-61 - "Fraudulent transfers" defined--Avoidance by receiver--Acceptance or preservation of transfer.

58-29B-61. Fraudulent transfers--Avoidance by receiver--Acceptance or preservation of transfer.Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under this chapter is fraudulent as to then existing and future creditors if made or incurred without fair consideration, or with actual intent to hinder, delay, or defraud either existing or future creditors. A transfer made, or an obligation incurred, by an insurer ordered to be rehabilitated or liquidated under this chapter, which is fraudulent under this section, may be avoided by the receiver. However, a person who in good faith is a purchaser, lienor, or obligee who in good faith has given a consideration less than fair for such transfer, lien, or obligation may retain the property, lien, or obligation as security for repayment. The court may, on due notice, order any such transfer or obligation to be preserved for the benefit of the estate, and in that event, the receiver shall succeed to and may enforce the rights of the purchaser, lienor, or obligee. Source: SL 1989, ch 436, §61.
SD Codified L § 58-29B-61.1 (2021)
2021 South Dakota Codified Laws|Title 58 - Insurance|Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation|Section 58-29B-61.1 - Liability of beneficiary of fraudulent transfer.

58-29B-61.1. Liability of beneficiary of fraudulent transfer.Any person receiving any property or benefit from the insurer which is a fraudulent transfer under §58-29B-61 is personally liable and shall account to the liquidator concerning it. Source: SL 1992, ch 351, §9.