South Dakota § 58-29B-41 Petition for liquidation--Grounds.

South Dakota Statutes

§ 58-29B-41 — Petition for liquidation--Grounds.

South Dakota § 58-29B-41

Title 58INSURANCE

Ch. 58-29AINSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

This text of South Dakota § 58-29B-41 (Petition for liquidation--Grounds.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 58-29B-41 (2026).

Text

The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following:

(1)Any ground for an order of rehabilitation as specified in § 58-29B-31 , whether or not there has been a prior order directing the rehabilitation of the insurer;

(2)The insurer is insolvent; or (3) The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.

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The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following: (1) Any ground for an order of rehabilitation as specified in § 58-29B-31 , whether or not there has been a prior order directing the rehabilitation of the insurer; (2) The insurer is insolvent; or (3) The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.