INSURERS SUPERVISION, REHABILITATION AND LIQUIDATION
Citation of chapter.
Definition of terms.
Delinquency proceedings sole and exclusive remedy--Commencement of proceedings
Commencement of proceedings despite lack of notice to insurer.
Grounds for personal jurisdiction.
Venue of proceedings.
Receiver authorized to grant certain orders.
Persons to cooperate in proceedings and preliminary investigations.
Obstruction or interference in conduct of proceedings.
Failure to cooperate--Obstruction or interference--Penalty.
Directors and deputies responsible for official bonds--Source of payment.
Proceedings commenced prior to enactment of chapter.
Service of appropriate orders by director.
Director's determination of continuation of business hazardous--Notification of
Supervision of insurer--Appointment of supervisor--Certain acts by insurer
Insurer to comply with director's requirements--Time period--Failure to comply.
Hearings--Notice and procedure.
Request for hearing--Request not to stay order.
Waiver of hearing--Application for judicial relief--Judicial review of order after
Requests for review of supervisor's actions.
Violation of supervision order--Penalty.
Application for necessary orders to enforce supervision order.
Violation of valid orders--Personal liability for losses suffered by insurer--Commencement of action.
Authority to file petition for seizure order--Grounds.
Ex parte issuance of seizure order--Costs.
Duration of order--Hearing to extend, shorten or modify--Vacation of order.
Entry of order not anticipatory breach of insurer's contracts.
Petition for review of order--Procedure.
Notice to persons not present at hearing--Effect on previously issued order.
Records to remain confidential--Exceptions.
Application by director for rehabilitation of insurer--Grounds.
Order of rehabilitation--Contents--Effect of filing or recording--Vesting of title--Accounting required.
Appointment of deputies--Powers and responsibilities--Employment of counsel,
clerks and assistants--Compensation--Advisory committee.
Promulgation of rules for appointing committees.
Authority of rehabilitator to reform and revitalize issuer.
Authority to pursue legal remedies on insurer's behalf.
Rehabilitator's plan for transformation--Application and grounds for approval--Procedure upon approval.
Disposition of actions in which insurer a party pending when rehabilitation order
Petition for appointment of rehabilitator--Suspension of statute of limitations, laches--Time period for commencement of actions ripe when petition is filed.
Guaranty associations--Standing to appear in rehabilitation proceedings.
Rehabilitation futile--Petition for liquidation--Effect--Court to permit directors or
insurers to defend.
Termination of rehabilitation--Procedure--Payment of costs.
Petition for liquidation--Grounds.
Order of liquidation--Contents--Title vested in liquidator--Effect of filing or
Plan for continued performance of policy claim obligations during appeal of
Rights and liabilities fixed upon issuance of order.
Order to liquidate alien insurer domiciled in state--Effect.
Declaration of insurer's insolvency--Procedure.
Order of liquidation--Financial reports required--Annual filing.
Effect of order upon policies in effect at time of issuance.
Order to dissolve corporate existence--Procedure.
Powers of liquidator.
Enumeration in § 58-29B-49 not exclusive.
Obligations of liquidator subsequent to entry of liquidation order.
Notice of liquidation order.
Duties of claimant upon notice of liquidation.
Duties of insurance producer upon notice of liquidation.
Failure of insurance producer to comply with § 58-29B-53--Penalty--Liquidator's
waiver of duties.
Appointment of liquidator--Effect upon actions and injunctions pending against
insurer or liquidator--Liquidator's right to intervene.
Time periods in which liquidator may act for or institute action on behalf of insurer.
Petition for liquidation--Suspension of statute of limitations, laches--Time period for
commencement of actions ripe when petition filed.
Guaranty associations--Standing to appear in liquidation proceedings.
Liquidator to prepare list of insurer's assets--Filing requirements.
Reduction of assets to appropriate degree.
"Fraudulent transfers" defined--Avoidance by receiver--Acceptance or preservation
Liability of beneficiary of fraudulent transfer.
Fraudulent transfers between insurer and reinsurer--Grounds for avoidance by
Transfers of insurer's real property after petition filed--Recording of copy of petition
as constructive notice.
Validity of transfers after petitions filed and before receiver takes possession or order
No impairment of negotiability.
Preference--Avoidance by liquidator.
When transfer of property other than real property deemed made or suffered.
When transfer of real property deemed made or suffered.
Transfer creating equitable lien--Conditions prohibiting perfection.
Transfer not perfected prior to filing of petition deemed made before filing of
Sections 58-29B-69 to 58-29B-72 applicable despite certain creditors or potential
bona fide purchasers.
"Lien by legal or equitable proceedings upon simple contract" defined.
Lien by legal or equitable proceedings--Superiority to rights of transferee.
Transfer for or on account of new and contemporaneous consideration--Transfer to
secure future loan--Effects.
Voidable lien dissolved--Indemnifying transfer or lien deemed voidable.
Property affected by voidable lien discharge--That and indemnifying property pass
Summary jurisdiction of Hughes county circuit court--Notice--Valuation of certain
property or liens--Election of transferee or lienholder.
Extent of surety discharge under releasing bond or similar obligation.
Preferred creditor--Setoff for new credit issued in good faith.
Transfers by insurer to attorney for services within four months of filing petition--Examination by court.
Conditions creating personal liability to liquidator for amount of preference.
Claims of creditor who has received or acquired a voidable preference, lien,
conveyance, transfer, assignment, or encumbrance.
Filing of claims under § 58-29B-84.
Mutual debts or credits between insurer and another set off.
Setoff or counterclaim not allowed.
Liquidator's report to court--Time limit--Content.
Court to levy assessments--Amount.
Issuance of show cause order upon failure to pay assessment.
Notice of show cause order.
Failure to appear and serve objections on or before return day of order--Procedure on
Enforcement of order or judgment under § 58-29B-92.
No reductions in amounts recoverable from reinsurers--Exception--Payments.
Association election to succeed to rights and obligations of insolvent insurer under
reinsurance contract--Reinsurer's liability to pay claims.
No liability for unearned premiums or uncollected earned premiums before
declaration of insolvency--Recovery of unearned premium representing commission--Credits or setoffs--Obligations of uninsured.
Course of action upon violation of § 58-29B-95--Director's options.
Notice and hearings required before impositions of penalties.
Application for approval of proposal to disburse assets.
Proposal to disburse assets--Contents.
Amounts for disbursements to associations.
Insolvent insurer writing life or health insurance or annuities--Liquidator to include
disbursements to guaranty in proposal.
Notice of application for approval of proposal.
Filing proof of claims--Exceptions.
Circumstances under which claimant making late filing may share in distributions.
Certain late filing claims of guaranty association--Right to share in distributions.
Treatment of late claims not covered by § 58-29B-104.
Proof of claim--Contents.
Failure to provide necessary information--Liquidator may require prescribed forms
and additional information.
Liquidator may request or otherwise obtain additional information or evidence.
Judgment or order not evidence of liability or quantum of damages.
Claims of guaranty associations--Form and content.
Third party's claim contingent on judgment against insured--Consideration.
Contingent claims allowed.
Treatment of claims due except for passage of time.
Claims made under employment contracts by directors or similar personnel--Limit
Third party claim against insured of insurer in liquidation filed with liquidator--Insured's filing--Late filing.
Allowance of insured's claim--Liquidator's recommendations to court--Sums
withheld--Procedures upon allowance.
Several claims founded upon one policy--Disposition--Prohibited claims.
Liquidator to give written notice of denial of claim--Objections.
Hearing upon objections--Notice--Referee may conduct.
Creditor's claim secured by "other person"--Subrogation--Right to distribution.
Valuation of security held by secured creditor.
Valuation made under supervision of court--Treatment of deficiency and surrender
Priority and order of distribution of claims from insurer's estate.
Review, investigation and negotiation of claims by liquidator--Exception--Report to
Court approval, disapproval, or modification of report.
Distributions by liquidator under court direction--Manner of payment.
Disposition of unclaimed funds subject to distribution.
Disposition of funds not distributed.
Application for discharge.
Petition to reopen proceedings for good cause.
Recommendation and direction for retention or disposal of insurer's records.
Audits of receivership books.
Director's application to act as conservator--Grounds.
Issuance of order allowing director to act as conservator--Filing--Notice imparted.
Petition to liquidate assets of foreign or alien insurer.
Termination of conservation of insurer.
Director's application to liquidate assets of foreign or alien insurer--Grounds.
Notice of orders sought under § 58-29B-134 or 58-29B-138.
Order to liquidate in whatever terms court deems appropriate--Filing--Notice
Domiciliary receiver, conservator, or liquidator appointed while liquidation
proceeding--Duty to act as ancillary receiver.
Director's application to act as receiver--Grounds.
Payment of resident's claims against foreign or alien insurer.
Domiciliary receiver, conservator, or liquidator of insurer domiciled in reciprocal
state--Title vested--Date of vesting.
Domiciliary liquidator for insurer not domiciled in reciprocal state--Title vested--Timing--Petition for conservation or liquidation.
Resident claimants--With whom and when to file.
Domiciliary receiver, conservator, or liquidator appointed for alien insurer--Appointment as ancillary receiver.
Court may appoint ancillary receiver on terms deemed appropriate--Filing--Notice
Duties and powers of ancillary receiver when domiciliary receiver, conservator, or
liquidator appointed in reciprocal state.
Duties and powers of ancillary receivers, conservators, or liquidators when
domiciliary liquidator appointed in this state.
Director may institute proceedings under §§ 58-29B-13 to 58-29B-30.
Liquidation proceeding against insurer domiciled in state--Claimants residing in
foreign countries or states not reciprocal--Filing.
Proof of claims of residents in reciprocal states.
Proceeding in reciprocal state against domiciled insurer--Filing.
Proof of claims of South Dakota residents--Elections--Procedure.
Final allowance by state courts conclusive as to amount and priority.
Attachment, garnishment, levy of execution prohibited during receivership,
conservatorship, or liquidation proceedings.
Domiciliary state's order of distribution controls claims of residents of this and
Owners of special deposit claims--Priority--Deficiencies in deposit.
Owner of secured claim--Elections.
Ancillary receiver's failure to transfer certain assets.