§ 58-29B-1 Citation of chapter
§ 58-29B-2 Scope
§ 58-29B-3 Definition of terms
§ 58-29B-4 Delinquency proceedings sole and exclusive remedy–Commencement of proceedings by director
§ 58-29B-5 Commencement of proceedings despite lack of notice to insurer
§ 58-29B-6 Grounds for personal jurisdiction
§ 58-29B-7 Venue of proceedings
§ 58-29B-8 Receiver authorized to grant certain orders
§ 58-29B-9 Persons to cooperate in proceedings and preliminary investigations
§ 58-29B-10 Obstruction or interference in conduct of proceedings
§ 58-29B-11 Failure to cooperate–Obstruction or interference–Penalty
§ 58-29B-12 Directors and deputies responsible for official bonds–Source of payment
§ 58-29B-13 Proceedings commenced prior to enactment of chapter
§ 58-29B-13.1 Service of appropriate orders by director
§ 58-29B-14 Director’s determination of continuation of business hazardous–Notification of insurer
§ 58-29B-15 Supervision of insurer–Appointment of supervisor–Certain acts by insurer prohibited–Costs
§ 58-29B-16 Insurer to comply with director’s requirements–Time period–Failure to comply
§ 58-29B-17 Hearings–Notice and procedure
§ 58-29B-18 Request for hearing–Request not to stay order
§ 58-29B-19 Waiver of hearing–Application for judicial relief–Judicial review of order after hearing
§ 58-29B-20 Requests for review of supervisor’s actions
§ 58-29B-21 Violation of supervision order–Penalty
§ 58-29B-22 Application for necessary orders to enforce supervision order
§ 58-29B-23 Violation of valid orders–Personal liability for losses suffered by insurer–Commencement of action
§ 58-29B-24 Authority to file petition for seizure order–Grounds
§ 58-29B-25 Ex parte issuance of seizure order–Costs
§ 58-29B-26 Duration of order–Hearing to extend, shorten or modify–Vacation of order
§ 58-29B-27 Entry of order not anticipatory breach of insurer’s contracts
§ 58-29B-28 Petition for review of order–Procedure
§ 58-29B-29 Notice to persons not present at hearing–Effect on previously issued order
§ 58-29B-30 Records to remain confidential–Exceptions
§ 58-29B-31 Application by director for rehabilitation of insurer–Grounds
§ 58-29B-32 Order of rehabilitation–Contents–Effect of filing or recording–Vesting of title–Accounting required
§ 58-29B-32.1 Appointment of deputies–Powers and responsibilities–Employment of counsel, clerks and assistants–Compensation–Advisory committee
§ 58-29B-32.2 Promulgation of rules for appointing committees
§ 58-29B-33 Authority of rehabilitator to reform and revitalize issuer
§ 58-29B-34 Authority to pursue legal remedies on insurer’s behalf
§ 58-29B-35 Rehabilitator’s plan for transformation–Application and grounds for approval–Procedure upon approval
§ 58-29B-36 Disposition of actions in which insurer a party pending when rehabilitation order entered
§ 58-29B-37 Petition for appointment of rehabilitator–Suspension of statute of limitations, laches–Time period for commencement of actions ripe when petition is filed
§ 58-29B-38 Guaranty associations–Standing to appear in rehabilitation proceedings
§ 58-29B-39 Rehabilitation futile–Petition for liquidation–Effect–Court to permit directors or insurers to defend
§ 58-29B-40 Termination of rehabilitation–Procedure–Payment of costs
§ 58-29B-41 Petition for liquidation–Grounds
§ 58-29B-42 Order of liquidation–Contents–Title vested in liquidator–Effect of filing or recording
§ 58-29B-42.1 Plan for continued performance of policy claim obligations during appeal of liquidation order
§ 58-29B-43 Rights and liabilities fixed upon issuance of order
§ 58-29B-44 Order to liquidate alien insurer domiciled in state–Effect
§ 58-29B-45 Declaration of insurer’s insolvency–Procedure
§ 58-29B-46 Order of liquidation–Financial reports required–Annual filing
§ 58-29B-47 Effect of order upon policies in effect at time of issuance
§ 58-29B-48 Order to dissolve corporate existence–Procedure
§ 58-29B-49 Powers of liquidator
§ 58-29B-50.1 Obligations of liquidator subsequent to entry of liquidation order
§ 58-29B-51 Notice of liquidation order
§ 58-29B-52 Duties of claimant upon notice of liquidation
§ 58-29B-53 Duties of insurance producer upon notice of liquidation
§ 58-29B-55 Appointment of liquidator–Effect upon actions and injunctions pending against insurer or liquidator–Liquidator’s right to intervene
§ 58-29B-56 Time periods in which liquidator may act for or institute action on behalf of insurer
§ 58-29B-57 Petition for liquidation–Suspension of statute of limitations, laches–Time period for commencement of actions ripe when petition filed
§ 58-29B-58 Guaranty associations–Standing to appear in liquidation proceedings
§ 58-29B-59 Liquidator to prepare list of insurer’s assets–Filing requirements
§ 58-29B-60 Reduction of assets to appropriate degree
§ 58-29B-61 “Fraudulent transfers” defined–Avoidance by receiver–Acceptance or preservation of transfer
§ 58-29B-61.1 Liability of beneficiary of fraudulent transfer
§ 58-29B-62 Fraudulent transfers between insurer and reinsurer–Grounds for avoidance by receiver
§ 58-29B-63 Transfers of insurer’s real property after petition filed–Recording of copy of petition as constructive notice
§ 58-29B-64 Validity of transfers after petitions filed and before receiver takes possession or order granted
§ 58-29B-65 No impairment of negotiability
§ 58-29B-66 “Preference” defined
§ 58-29B-67 Preference–Avoidance by liquidator
§ 58-29B-68 Preference voidable–Consequences
§ 58-29B-69 When transfer of property other than real property deemed made or suffered
§ 58-29B-70 When transfer of real property deemed made or suffered
§ 58-29B-71 Transfer creating equitable lien–Conditions prohibiting perfection
§ 58-29B-72 Transfer not perfected prior to filing of petition deemed made before filing of successful petition
§ 58-29B-74 “Lien by legal or equitable proceedings upon simple contract” defined
§ 58-29B-75 Lien by legal or equitable proceedings–Superiority to rights of transferee
§ 58-29B-76 Transfer for or on account of new and contemporaneous consideration–Transfer to secure future loan–Effects
§ 58-29B-77 Voidable lien dissolved–Indemnifying transfer or lien deemed voidable
§ 58-29B-78 Property affected by voidable lien discharge–That and indemnifying property pass to liquidator–Exception
§ 58-29B-79 Summary jurisdiction of Hughes county circuit court–Notice–Valuation of certain property or liens–Election of transferee or lienholder
§ 58-29B-80 Extent of surety discharge under releasing bond or similar obligation
§ 58-29B-81 Preferred creditor–Setoff for new credit issued in good faith
§ 58-29B-82 Transfers by insurer to attorney for services within four months of filing petition–Examination by court
§ 58-29B-83 Conditions creating personal liability to liquidator for amount of preference
§ 58-29B-84 Claims of creditor who has received or acquired a voidable preference, lien, conveyance, transfer, assignment, or encumbrance
§ 58-29B-86 Mutual debts or credits between insurer and another set off
§ 58-29B-87 Setoff or counterclaim not allowed
§ 58-29B-88 Liquidator’s report to court–Time limit–Content
§ 58-29B-89 Court to levy assessments–Amount
§ 58-29B-90 Issuance of show cause order upon failure to pay assessment
§ 58-29B-91 Notice of show cause order
§ 58-29B-92 Failure to appear and serve objections on or before return day of order–Procedure on timely appearance
§ 58-29B-94 No reductions in amounts recoverable from reinsurers–Exception–Payments
§ 58-29B-94.1 Association election to succeed to rights and obligations of insolvent insurer under reinsurance contract–Reinsurer’s liability to pay claims
§ 58-29B-95 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
§ 58-29B-97 Notice and hearings required before impositions of penalties
§ 58-29B-98 Application for approval of proposal to disburse assets
§ 58-29B-99 Proposal to disburse assets–Contents
§ 58-29B-100 Amounts for disbursements to associations
§ 58-29B-101 Insolvent insurer writing life or health insurance or annuities–Liquidator to include disbursements to guaranty in proposal
§ 58-29B-102 Notice of application for approval of proposal
§ 58-29B-103 Filing proof of claims–Exceptions
§ 58-29B-104 Circumstances under which claimant making late filing may share in distributions
§ 58-29B-105 Certain late filing claims of guaranty association–Right to share in distributions
§ 58-29B-107 Proof of claim–Contents
§ 58-29B-108 Failure to provide necessary information–Liquidator may require prescribed forms and additional information
§ 58-29B-109 Liquidator may request or otherwise obtain additional information or evidence
§ 58-29B-110 Judgment or order not evidence of liability or quantum of damages
§ 58-29B-111 Claims of guaranty associations–Form and content
§ 58-29B-112 Third party’s claim contingent on judgment against insured–Consideration
§ 58-29B-113 Contingent claims allowed
§ 58-29B-114 Treatment of claims due except for passage of time
§ 58-29B-115 Claims made under employment contracts by directors or similar personnel–Limit on payment
§ 58-29B-116 Third party claim against insured of insurer in liquidation filed with liquidator–Insured’s filing–Late filing
§ 58-29B-117 Allowance of insured’s claim–Liquidator’s recommendations to court–Sums withheld–Procedures upon allowance
§ 58-29B-118 Several claims founded upon one policy–Disposition–Prohibited claims
§ 58-29B-119 Liquidator to give written notice of denial of claim–Objections
§ 58-29B-120 Hearing upon objections–Notice–Referee may conduct
§ 58-29B-121 Creditor’s claim secured by “other person”–Subrogation–Right to distribution
§ 58-29B-122 Valuation of security held by secured creditor
§ 58-29B-123 Valuation made under supervision of court–Treatment of deficiency and surrender of security
§ 58-29B-124 Priority and order of distribution of claims from insurer’s estate
§ 58-29B-125 Review, investigation and negotiation of claims by liquidator–Exception–Report to court
§ 58-29B-126 Court approval, disapproval, or modification of report
§ 58-29B-127 Distributions by liquidator under court direction–Manner of payment
§ 58-29B-128 Disposition of unclaimed funds subject to distribution
§ 58-29B-129 Disposition of funds not distributed
§ 58-29B-130 Application for discharge
§ 58-29B-131 Petition to reopen proceedings for good cause
§ 58-29B-132 Recommendation and direction for retention or disposal of insurer’s records
§ 58-29B-133 Audits of receivership books
§ 58-29B-134 Director’s application to act as conservator–Grounds
§ 58-29B-135 Issuance of order allowing director to act as conservator–Filing–Notice imparted
§ 58-29B-136 Petition to liquidate assets of foreign or alien insurer
§ 58-29B-137 Termination of conservation of insurer
§ 58-29B-138 Director’s application to liquidate assets of foreign or alien insurer–Grounds
§ 58-29B-140 Order to liquidate in whatever terms court deems appropriate–Filing–Notice imparted
§ 58-29B-141 Domiciliary receiver, conservator, or liquidator appointed while liquidation proceeding–Duty to act as ancillary receiver
§ 58-29B-142 Director’s application to act as receiver–Grounds
§ 58-29B-143 Payment of resident’s claims against foreign or alien insurer
§ 58-29B-144 Domiciliary receiver, conservator, or liquidator of insurer domiciled in reciprocal state–Title vested–Date of vesting
§ 58-29B-145 Domiciliary liquidator for insurer not domiciled in reciprocal state–Title vested–Timing–Petition for conservation or liquidation
§ 58-29B-146 Resident claimants–With whom and when to file
§ 58-29B-147 Domiciliary receiver, conservator, or liquidator appointed for alien insurer–Appointment as ancillary receiver
§ 58-29B-148 Court may appoint ancillary receiver on terms deemed appropriate–Filing–Notice imparted
§ 58-29B-149 Duties and powers of ancillary receiver when domiciliary receiver, conservator, or liquidator appointed in reciprocal state
§ 58-29B-150 Duties and powers of ancillary receivers, conservators, or liquidators when domiciliary liquidator appointed in this state
§ 58-29B-152 Liquidation proceeding against insurer domiciled in state–Claimants residing in foreign countries or states not reciprocal–Filing
§ 58-29B-153 Proof of claims of residents in reciprocal states
§ 58-29B-154 Proceeding in reciprocal state against domiciled insurer–Filing
§ 58-29B-155 Proof of claims of South Dakota residents–Elections–Procedure
§ 58-29B-156 Final allowance by state courts conclusive as to amount and priority
§ 58-29B-157 Attachment, garnishment, levy of execution prohibited during receivership, conservatorship, or liquidation proceedings
§ 58-29B-158 Domiciliary state’s order of distribution controls claims of residents of this and reciprocal states
§ 58-29B-159 Owners of special deposit claims–Priority–Deficiencies in deposit
§ 58-29B-160 Owner of secured claim–Elections
§ 58-29B-161 Ancillary receiver’s failure to transfer certain assets
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Terms Used In South Dakota Codified Laws > Title 58 > Chapter 29B - Insurers Supervision, Rehabilitation and Liquidation

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Chambers: A judge's office.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Doing business: includes , but is not limited to, any of the following acts, whether effected by mail or otherwise:

    (a) The issuance or delivery of contracts of insurance to persons resident in this state. See South Dakota Codified Laws 58-29B-3

  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • formal delinquency proceeding: is a ny liquidation or rehabilitation proceeding. See South Dakota Codified Laws 58-29B-3
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • general assets: includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. See South Dakota Codified Laws 58-29B-3
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • 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
  • Insurance business: includes the transaction of all matters pertaining to a contract of insurance, both before and after the effectuation of that contract, and all matters arising out of that contract or any claim thereunder. See South Dakota Codified Laws 58-1-2
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Third persons: includes all who are not parties to the obligation or transaction concerning which the phrase is used. See South Dakota Codified Laws 2-14-2
  • 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
  • Trustee: A person or institution holding and administering property in trust.
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2