58-7-35. Return of deposit of foreign insurer.
109 words·~1 min read·
/sd/title-58/chapter-58-7/58-7-35A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The director shall direct the depository or custodian to return to a foreign insurer any deposit made pursuant to this title by the insurer, if:
(1)The insurer has ceased transacting business in this state, or in the United States, and the insurer is not subject to any liability in this state on account of which the deposit was held; or
(2)The deposit is no longer required by any provision of law; or
(3)The insurer, during its solvency has made a similar deposit in another state and has filed with the director the certificate or evidence thereof, under the conditions provided for in subdivisions 58-6-34(1) and (2).