58-29A-98. Settlements by association binding on successor of insolvent insurer--Priority of claim and expenses.
90 words·~1 min read·
/sd/title-58/chapter-58-29/58-29a-98·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The receiver, liquidator, or statutory successor of an insolvent insurer is bound by determinations of covered claim eligibility under this chapter and by settlements of claims made by the association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.