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CHAPTER 58-29B

INSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

58-29B-1      Citation of chapter.
58-29B-2      Scope.
58-29B-3      Definition of terms.
58-29B-4      Delinquency proceedings sole and exclusive remedy--Commencement of proceedings by director.
58-29B-5      Commencement of proceedings despite lack of notice to insurer.
58-29B-6      Grounds for personal jurisdiction.
58-29B-7      Venue of proceedings.
58-29B-8      Receiver authorized to grant certain orders.
58-29B-9      Persons to cooperate in proceedings and preliminary investigations.
58-29B-10      Obstruction or interference in conduct of proceedings.
58-29B-11      Failure to cooperate--Obstruction or interference--Penalty.
58-29B-12      Directors and deputies responsible for official bonds--Source of payment.
58-29B-13      Proceedings commenced prior to enactment of chapter.
58-29B-13.1      Service of appropriate orders by director.
58-29B-14      Director's determination of continuation of business hazardous--Notification of insurer.
58-29B-15      Supervision of insurer--Appointment of supervisor--Certain acts by insurer prohibited--Costs.
58-29B-16      Insurer to comply with director's requirements--Time period--Failure to comply.
58-29B-17      Hearings--Notice and procedure.
58-29B-18      Request for hearing--Request not to stay order.
58-29B-19      Waiver of hearing--Application for judicial relief--Judicial review of order after hearing.
58-29B-20      Requests for review of supervisor's actions.
58-29B-21      Violation of supervision order--Penalty.
58-29B-22      Application for necessary orders to enforce supervision order.
58-29B-23      Violation of valid orders--Personal liability for losses suffered by insurer--Commencement of action.
58-29B-24      Authority to file petition for seizure order--Grounds.
58-29B-25      Ex parte issuance of seizure order--Costs.
58-29B-26      Duration of order--Hearing to extend, shorten or modify--Vacation of order.
58-29B-27      Entry of order not anticipatory breach of insurer's contracts.
58-29B-28      Petition for review of order--Procedure.
58-29B-29      Notice to persons not present at hearing--Effect on previously issued order.
58-29B-30      Records to remain confidential--Exceptions.
58-29B-31      Application by director for rehabilitation of insurer--Grounds.
58-29B-32      Order of rehabilitation--Contents--Effect of filing or recording--Vesting of title--Accounting required.
58-29B-32.1      Appointment of deputies--Powers and responsibilities--Employment of counsel, clerks and assistants--Compensation--Advisory committee.
58-29B-32.2      Promulgation of rules for appointing committees.
58-29B-33      Authority of rehabilitator to reform and revitalize issuer.
58-29B-34      Authority to pursue legal remedies on insurer's behalf.
58-29B-35      Rehabilitator's plan for transformation--Application and grounds for approval--Procedure upon approval.
58-29B-36      Disposition of actions in which insurer a party pending when rehabilitation order entered.
58-29B-37      Petition for appointment of rehabilitator--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition is filed.
58-29B-38      Guaranty associations--Standing to appear in rehabilitation proceedings.
58-29B-39      Rehabilitation futile--Petition for liquidation--Effect--Court to permit directors or insurers to defend.
58-29B-40      Termination of rehabilitation--Procedure--Payment of costs.
58-29B-41      Petition for liquidation--Grounds.
58-29B-42      Order of liquidation--Contents--Title vested in liquidator--Effect of filing or recording.
58-29B-42.1      Plan for continued performance of policy claim obligations during appeal of liquidation order.
58-29B-43      Rights and liabilities fixed upon issuance of order.
58-29B-44      Order to liquidate alien insurer domiciled in state--Effect.
58-29B-45      Declaration of insurer's insolvency--Procedure.
58-29B-46      Order of liquidation--Financial reports required--Annual filing.
58-29B-47      Effect of order upon policies in effect at time of issuance.
58-29B-48      Order to dissolve corporate existence--Procedure.
58-29B-49      Powers of liquidator.
58-29B-50      Enumeration in § 58-29B-49 not exclusive.
58-29B-50.1      Obligations of liquidator subsequent to entry of liquidation order.
58-29B-51      Notice of liquidation order.
58-29B-52      Duties of claimant upon notice of liquidation.
58-29B-53      Duties of insurance producer upon notice of liquidation.
58-29B-54      Failure of insurance producer to comply with § 58-29B-53--Penalty--Liquidator's waiver of duties.
58-29B-55      Appointment of liquidator--Effect upon actions and injunctions pending against insurer or liquidator--Liquidator's right to intervene.
58-29B-56      Time periods in which liquidator may act for or institute action on behalf of insurer.
58-29B-57      Petition for liquidation--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition filed.
58-29B-58      Guaranty associations--Standing to appear in liquidation proceedings.
58-29B-59      Liquidator to prepare list of insurer's assets--Filing requirements.
58-29B-60      Reduction of assets to appropriate degree.
58-29B-61      "Fraudulent transfers" defined--Avoidance by receiver--Acceptance or preservation of transfer.
58-29B-61.1      Liability of beneficiary of fraudulent transfer.
58-29B-62      Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.
58-29B-63      Transfers of insurer's real property after petition filed--Recording of copy of petition as constructive notice.
58-29B-64      Validity of transfers after petitions filed and before receiver takes possession or order granted.
58-29B-65      No impairment of negotiability.
58-29B-66      "Preference" defined.
58-29B-67      Preference--Avoidance by liquidator.
58-29B-68      Preference voidable--Consequences.
58-29B-69      When transfer of property other than real property deemed made or suffered.
58-29B-70      When transfer of real property deemed made or suffered.
58-29B-71      Transfer creating equitable lien--Conditions prohibiting perfection.


58-29B-72      Transfer not perfected prior to filing of petition deemed made before filing of successful petition.
58-29B-73      Sections 58-29B-69 to 58-29B-72 applicable despite certain creditors or potential bona fide purchasers.
58-29B-74      "Lien by legal or equitable proceedings upon simple contract" defined.
58-29B-75      Lien by legal or equitable proceedings--Superiority to rights of transferee.
58-29B-76      Transfer for or on account of new and contemporaneous consideration--Transfer to secure future loan--Effects.
58-29B-77      Voidable lien dissolved--Indemnifying transfer or lien deemed voidable.
58-29B-78      Property affected by voidable lien discharge--That and indemnifying property pass to liquidator--Exception.
58-29B-79      Summary jurisdiction of Hughes county circuit court--Notice--Valuation of certain property or liens--Election of transferee or lienholder.
58-29B-80      Extent of surety discharge under releasing bond or similar obligation.
58-29B-81      Preferred creditor--Setoff for new credit issued in good faith.
58-29B-82      Transfers by insurer to attorney for services within four months of filing petition--Examination by court.
58-29B-83      Conditions creating personal liability to liquidator for amount of preference.
58-29B-84      Claims of creditor who has received or acquired a voidable preference, lien, conveyance, transfer, assignment, or encumbrance.
58-29B-85      Filing of claims under § 58-29B-84.
58-29B-86      Mutual debts or credits between insurer and another set off.
58-29B-87      Setoff or counterclaim not allowed.
58-29B-88      Liquidator's report to court--Time limit--Content.
58-29B-89      Court to levy assessments--Amount.
58-29B-90      Issuance of show cause order upon failure to pay assessment.
58-29B-91      Notice of show cause order.
58-29B-92      Failure to appear and serve objections on or before return day of order--Procedure on timely appearance.
58-29B-93      Enforcement of order or judgment under § 58-29B-92.
58-29B-94      No reductions in amounts recoverable from reinsurers--Exception--Payments.
58-29B-94.1      Association election to succeed to rights and obligations of insolvent insurer under reinsurance contract--Reinsurer's liability to pay claims.
58-29B-95      No liability for unearned premiums or uncollected earned premiums before declaration of insolvency--Recovery of unearned premium representing commission--Credits or setoffs--Obligations of uninsured.
58-29B-96      Course of action upon violation of § 58-29B-95--Director's options.
58-29B-97      Notice and hearings required before impositions of penalties.
58-29B-98      Application for approval of proposal to disburse assets.
58-29B-99      Proposal to disburse assets--Contents.
58-29B-100      Amounts for disbursements to associations.
58-29B-101      Insolvent insurer writing life or health insurance or annuities--Liquidator to include disbursements to guaranty in proposal.
58-29B-102      Notice of application for approval of proposal.
58-29B-103      Filing proof of claims--Exceptions.
58-29B-104      Circumstances under which claimant making late filing may share in distributions.
58-29B-105      Certain late filing claims of guaranty association--Right to share in distributions.
58-29B-106      Treatment of late claims not covered by § 58-29B-104.
58-29B-107      Proof of claim--Contents.
58-29B-108      Failure to provide necessary information--Liquidator may require prescribed forms and additional information.
58-29B-109      Liquidator may request or otherwise obtain additional information or evidence.
58-29B-110      Judgment or order not evidence of liability or quantum of damages.
58-29B-111      Claims of guaranty associations--Form and content.
58-29B-112      Third party's claim contingent on judgment against insured--Consideration.
58-29B-113      Contingent claims allowed.
58-29B-114      Treatment of claims due except for passage of time.
58-29B-115      Claims made under employment contracts by directors or similar personnel--Limit on payment.
58-29B-116      Third party claim against insured of insurer in liquidation filed with liquidator--Insured's filing--Late filing.
58-29B-117      Allowance of insured's claim--Liquidator's recommendations to court--Sums withheld--Procedures upon allowance.
58-29B-118      Several claims founded upon one policy--Disposition--Prohibited claims.
58-29B-119      Liquidator to give written notice of denial of claim--Objections.
58-29B-120      Hearing upon objections--Notice--Referee may conduct.
58-29B-121      Creditor's claim secured by "other person"--Subrogation--Right to distribution.
58-29B-122      Valuation of security held by secured creditor.
58-29B-123      Valuation made under supervision of court--Treatment of deficiency and surrender of security.
58-29B-124      Priority and order of distribution of claims from insurer's estate.
58-29B-125      Review, investigation and negotiation of claims by liquidator--Exception--Report to court.
58-29B-126      Court approval, disapproval, or modification of report.
58-29B-127      Distributions by liquidator under court direction--Manner of payment.
58-29B-128      Disposition of unclaimed funds subject to distribution.
58-29B-129      Disposition of funds not distributed.
58-29B-130      Application for discharge.
58-29B-131      Petition to reopen proceedings for good cause.
58-29B-132      Recommendation and direction for retention or disposal of insurer's records.
58-29B-133      Audits of receivership books.
58-29B-134      Director's application to act as conservator--Grounds.
58-29B-135      Issuance of order allowing director to act as conservator--Filing--Notice imparted.
58-29B-136      Petition to liquidate assets of foreign or alien insurer.
58-29B-137      Termination of conservation of insurer.
58-29B-138      Director's application to liquidate assets of foreign or alien insurer--Grounds.
58-29B-139      Notice of orders sought under § 58-29B-134 or 58-29B-138.
58-29B-140      Order to liquidate in whatever terms court deems appropriate--Filing--Notice imparted.
58-29B-141      Domiciliary receiver, conservator, or liquidator appointed while liquidation proceeding--Duty to act as ancillary receiver.
58-29B-142      Director's application to act as receiver--Grounds.
58-29B-143      Payment of resident's claims against foreign or alien insurer.
58-29B-144      Domiciliary receiver, conservator, or liquidator of insurer domiciled in reciprocal state--Title vested--Date of vesting.
58-29B-145      Domiciliary liquidator for insurer not domiciled in reciprocal state--Title vested--Timing--Petition for conservation or liquidation.
58-29B-146      Resident claimants--With whom and when to file.
58-29B-147      Domiciliary receiver, conservator, or liquidator appointed for alien insurer--Appointment as ancillary receiver.
58-29B-148      Court may appoint ancillary receiver on terms deemed appropriate--Filing--Notice imparted.
58-29B-149      Duties and powers of ancillary receiver when domiciliary receiver, conservator, or liquidator appointed in reciprocal state.
58-29B-150      Duties and powers of ancillary receivers, conservators, or liquidators when domiciliary liquidator appointed in this state.
58-29B-151      Director may institute proceedings under §§ 58-29B-13 to 58-29B-30.
58-29B-152      Liquidation proceeding against insurer domiciled in state--Claimants residing in foreign countries or states not reciprocal--Filing.
58-29B-153      Proof of claims of residents in reciprocal states.
58-29B-154      Proceeding in reciprocal state against domiciled insurer--Filing.
58-29B-155      Proof of claims of South Dakota residents--Elections--Procedure.
58-29B-156      Final allowance by state courts conclusive as to amount and priority.
58-29B-157      Attachment, garnishment, levy of execution prohibited during receivership, conservatorship, or liquidation proceedings.
58-29B-158      Domiciliary state's order of distribution controls claims of residents of this and reciprocal states.
58-29B-159      Owners of special deposit claims--Priority--Deficiencies in deposit.
58-29B-160      Owner of secured claim--Elections.
58-29B-161      Ancillary receiver's failure to transfer certain assets.


Back to Title 58