58-29B-55. Appointment of liquidator--Effect upon actions and injunctions pending against insurer or liquidator--Liquidator's right to intervene.
162 words·~1 min read·
/sd/title-58/chapter-58-29/58-29b-55·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity may be brought against the insurer or liquidator, whether in this state or elsewhere, nor may any such existing action be maintained or further presented after issuance of such order. The courts of this state shall give full faith and credit to injunctions against the liquidator or the company or the continuation of existing actions against the liquidator or the company, if such injunctions are included in an order to liquidate an insurer issued pursuant to corresponding provisions in other states.
If in the liquidator's judgment, protection of the estate of the insurer requires intervention in an action against the insurer that is pending outside this state, he may intervene in this action. The liquidator may defend any action in which he intervenes under this section at the expense of the estate of the insurer.