§ 58-29B-99 — Proposal to disburse assets--Contents.

South Dakota § 58-29B-99

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

Text

The proposal under § 58-29B-98 shall include, but is not limited to, provisions for: (1) Reserving amounts for the payment of expenses of administration and the payment of claims of secured creditors to the extent of the value of the security held, and claims falling within the priorities established in subdivisions 58-29B-124(1) and (2); (2) Disbursement of the assets marshaled to date and subsequent disbursement of assets as they become available; (3) Equitable allocation of disbursements to each of the guaranty associations and foreign guaranty associations entitled thereto; (4) The securing by the liquidator from each of the associations entitled to disbursements pursuant to this section of an agreement to return to the liquidator such assets, together with income earned on assets previously disbursed, as may be required to pay claims of secured creditors and claims falling within the priorities established in § 58-29B-124 , in accordance with such priorities. No bond is required of any such association; and (5) A full report to be made by each association to the liquidator accounting for all assets so disbursed to the association, all disbursements made therefrom, any interest earned by the association on such assets and any other matter as the court may direct.

Legislative History

SL 1989, ch 436, § 99.