§ 58-29B-144 — Domiciliary receiver, conservator, or liquidator of insurer domiciled in reciprocal state--Title vested--Date of vesting.

South Dakota § 58-29B-144

• Jurisdiction: South Dakota
• Title 58: INSURANCE
• Ch. 58-29A: INSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

Text

The domiciliary receiver, conservator, or liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under § 58-29B-149 , be vested by operation of law with the title to all of the assets, property, contracts, and rights of action, insurance producers' balances, and all of the books, accounts, and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition for receivership, conservatorship, or liquidation, as the case may be, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary receiver, conservator, or liquidator may immediately recover balances due from insurance producers and obtain possession of the books, accounts, and other records of the insurer located in this state. The domiciliary receiver, conservator, or liquidator also may recover all other assets of the insurer located in this state, subject to §§ 58-29B-145 to 58-29B-150 , inclusive.

Legislative History

SL 1989, ch 436, § 144; SL 2001, ch 286, § 148; SL 2008, ch 271, § 2.