South Dakota Codified Laws 58-29B-101. Insolvent insurer writing life or health insurance or annuities–Liquidator to include disbursements to guaranty in proposal
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The liquidator’s proposal shall, with respect to an insolvent insurer writing life or health insurance or annuities, provide for disbursements of assets to any guaranty association or any foreign guaranty association covering life or health insurance or annuities or to any other entity or organization reinsuring, assuming, or guaranteeing policies or contracts of insurance under the acts creating such associations.
Terms Used In South Dakota Codified Laws 58-29B-101
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- insolvent: means that it is unable to pay its obligations when they are due, or when its admitted assets do not exceed its liabilities plus the greater of any capital and surplus required by law for its organization or the total par or stated value of its authorized and issued capital stock. See South Dakota Codified Laws 58-29B-3
Source: SL 1989, ch 436, § 101.