South Dakota § 58-29B-62 Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.

South Dakota Statutes

§ 58-29B-62 — Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.

South Dakota § 58-29B-62

Title 58INSURANCE

Ch. 58-29AINSURERS SUPERVISION, REHABILITATION AND LIQUIDATION

This text of South Dakota § 58-29B-62 (Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by receiver.) 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-62 (2026).

Text

Any transaction of the insurer with a reinsurer shall be deemed fraudulent and may be avoided by the receiver under § 58-29B-61 if:

(1)The transaction consists of the termination, adjustment, or settlement of a reinsurance contract in which the reinsurer is released from any part of its duty to pay the originally specified share of losses that had occurred prior to the time of the transaction, unless the reinsurer gives a present fair equivalent value for the release; and (2) Any part of the transaction took place within one year prior to the date of filing of the petition through which the receivership was commenced.

Free access — add to your briefcase to read the full text and ask questions with AI

Any transaction of the insurer with a reinsurer shall be deemed fraudulent and may be avoided by the receiver under § 58-29B-61 if: (1) The transaction consists of the termination, adjustment, or settlement of a reinsurance contract in which the reinsurer is released from any part of its duty to pay the originally specified share of losses that had occurred prior to the time of the transaction, unless the reinsurer gives a present fair equivalent value for the release; and (2) Any part of the transaction took place within one year prior to the date of filing of the petition through which the receivership was commenced.