South Dakota Codified Laws 58-7-37. Insurer subject to delinquency proceedings–Surrender of deposited assets and securities to authorized officer of court
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If the insurer is subject to delinquency proceedings as defined in this title, upon the order of a court of competent jurisdiction, the director shall yield the assets and securities held on deposit to the receiver, conservator, rehabilitator, or liquidator of the insurer, or to any other properly designated official.
Terms Used In South Dakota Codified Laws 58-7-37
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Source: SL 1966, ch 111, ch 7, § 14 (4).