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;

Terms Used In South Dakota Codified Laws 58-29B-41

  • insolvent: means that it is unable to pay its obligations when they are due, or when its admitted assets do not exceed its liabilities plus the greater of any capital and surplus required by law for its organization or the total par or stated value of its authorized and issued capital stock. See South Dakota Codified Laws 58-29B-3
  • State: when used in context signifying a jurisdiction other than the State of South Dakota, a state, the District of Columbia, a territory, commonwealth, or possession of the United States of America, or a province of the Dominion of Canada. See South Dakota Codified Laws 58-1-2

(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.

Source: SL 1989, ch 436, § 41.

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