South Dakota § 58-29A-98 Settlements by association binding on successor of insolvent insurer--Priority of claim and expenses.

South Dakota Statutes

§ 58-29A-98 — Settlements by association binding on successor of insolvent insurer--Priority of claim and expenses.

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

The receiver, liquidator, or statutory successor of an insolvent insurer is bound by determinations of covered claim eligibility under this chapter and by settlements of claims made by the association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.

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The receiver, liquidator, or statutory successor of an insolvent insurer is bound by determinations of covered claim eligibility under this chapter and by settlements of claims made by the association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.

South Dakota § 58-29A-98 (Settlements by association binding on successor of insolvent insurer--Priority of claim and expenses.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.