South Dakota § 58-29A-86 Delegation of functions to interstate organization--Reimbursement of organization--Approval of delegation.

South Dakota Statutes

§ 58-29A-86 — Delegation of functions to interstate organization--Reimbursement of organization--Approval of delegation.

South Dakota·Title 58 INSURANCE·Ch. 58-29A INSURANCE GUARANTY ASSOCIATION

The plan of operation may provide that any or all powers and duties of the association, except those under subdivision 58-29A-60(2) and those under §§ 58-29A-75 to 58-29A-81 , inclusive, are delegated to a corporation, association, or other organization which performs or will perform functions similar to those of this association, or its equivalent, in two or more states. Such a corporation, association, or organization shall be reimbursed as a servicing facility would be reimbursed and shall be paid for its performance of any other functions of the association. A delegation under this section shall take effect only with the approval of both the board of directors and the director, and may be made only to a corporation, association, or organization which extends protection not substantiall

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The plan of operation may provide that any or all powers and duties of the association, except those under subdivision 58-29A-60(2) and those under §§ 58-29A-75 to 58-29A-81 , inclusive, are delegated to a corporation, association, or other organization which performs or will perform functions similar to those of this association, or its equivalent, in two or more states. Such a corporation, association, or organization shall be reimbursed as a servicing facility would be reimbursed and shall be paid for its performance of any other functions of the association. A delegation under this section shall take effect only with the approval of both the board of directors and the director, and may be made only to a corporation, association, or organization which extends protection not substantially less favorable and effective than that provided by this chapter.

South Dakota § 58-29A-86 (Delegation of functions to interstate organization--Reimbursement of organization--Approval of delegation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.