South Dakota Codified Laws 58-29B-47. Effect of order upon policies in effect at time of issuance
All policies, including bonds and other noncancellable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force for the lesser of:
(1) A period of thirty days from the date of entry of the liquidation orders;
Terms Used In South Dakota Codified Laws 58-29B-47
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
- Transfer: includes the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. See South Dakota Codified Laws 58-29B-3
(2) The expiration of the policy coverage;
(3) The date when the insured has replaced the insurance coverage with equivalent insurance coverage in another insurer or otherwise terminated the policy; or
(4) The liquidator has effected a transfer of the policy obligation pursuant to § 58-29B-49.
An order of liquidation under §§ 58-29B-41 to 58-29B-45, inclusive, shall terminate coverages at the time specified in this section for purposes of any other statute.
Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association.
Policies of life or health insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate according to this section.
Source: SL 1989, ch 436, § 47; SL 1992, ch 351, § 6.