South Dakota Statutes
§ 58-29B-39 — Rehabilitation futile--Petition for liquidation--Effect--Court to permit directors or insurers to defend.
If the director believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public, or would be futile, the director may petition the circuit court of Hughes County for an order of liquidation. A petition under this section has the same effect as a petition under § 58-29B-41 . The circuit court of Hughes County shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition and may order payment from the estate of the insurer of such costs and other expenses of defense as justice may require. If the insurer is insolvent, the court shall issue an order for liquidation and shall set a hearing to determine the issues being asserted by the directors.
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South Dakota § 58-29B-39 (Rehabilitation futile--Petition for liquidation--Effect--Court to permit directors or insurers to defend.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Deiter v. Xl Specialty Ins. Co.
980 N.W.2d 229 (South Dakota Supreme Court, 2022)
Deiter v. XL Specialty Insurance Co.
(D. South Dakota, 2022)
Legislative History
SL 1989, ch 436, § 39; SL 1992, ch 351, § 15.
Nearby Sections
15
§ 58-1-1
Citation of title.§ 58-1-11
General saving clause.§ 58-1-13
Severability of provisions.§ 58-1-14
Notice of nonrenewal of policy must be mailed sixty days prior to renewal date--Exceptions.§ 58-1-14.1
Notice of refusal to renew--Thirty§ 58-1-16.1
Applicability of §§ 58-1-18
Repealed by SL 2012, ch 252, § 30.§ 58-1-2
Definition of terms.