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Code · South Dakota · Title 58 · Chapter 58-29

58-29B-41. Petition for liquidation--Grounds.

90 words·~1 min read·/sd/title-58/chapter-58-29/58-29b-41·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following:
(1)Any ground for an order of rehabilitation as specified in § 58-29B-31 , whether or not there has been a prior order directing the rehabilitation of the insurer;
(2)The insurer is insolvent; or
(3)The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public.
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