58-29B-134. Director's application to act as conservator--Grounds.
147 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-134·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a domiciliary liquidator has not been appointed, the director may apply to the court by verified petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign or alien insurer on any one or more of the following grounds:
(1)Any of the grounds in § 58-29B-31 ;
(2)That any of its property has been sequestered by official action in its domiciliary state, or in any other state;
(3)That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;
(4)That its certificate of authority to do business in this state has been revoked or that none was ever issued and that there are residents of this state with outstanding claims or outstanding policies.