South Dakota Codified Laws 58-29A-71. Transfer or recovery of claim from certain covered persons
The association, at its sole discretion, may transfer claims handling and financial responsibility for a covered claim to, or recover from, the following persons the amount of any covered claim paid on behalf of such person pursuant to this chapter:
(1) Any insured whose net worth exceeds fifty million dollars and whose liability obligations to other persons, including obligations under workers’ compensation insurance coverages, are satisfied in whole or in part by payments made under this chapter. Any insured’s net worth is deemed to include the aggregate net worth of the insured and any of its subsidiaries and affiliates as calculated on a consolidated basis; and
Terms Used In South Dakota Codified Laws 58-29A-71
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) Any person who is an affiliate of the insolvent insurer and whose liability obligations to other persons are satisfied in whole or in part by payments made under this chapter.
The term, affiliate, does not include any insurance producer of the insolvent insurer.
Source: SL 2000, ch 247, § 18; SL 2001, ch 286, § 137; SL 2004, ch 310, § 3.