LegalFix
Sign In

§ 58-29A-98 Settlements by association binding on successor of insolvent insurer--Priority of claim and expenses.

SD Codified L § 58-29A-98 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

58-29A-98. Settlements by association binding on successor of insolvent insurer--Priority of claim and expenses. The receiver, liquidator, or statutory successor of an insolvent insurer is bound by determinations of covered claim eligibility under this chapter and by settlements of claims made by the association or a similar organization in another state. The court having jurisdiction shall grant such claims priority equal to that which the claimant would have been entitled in the absence of this chapter against the assets of the insolvent insurer. The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.

Source: SL 2000, ch 247, § 45.

Previous Section
§ 58-29A-97 Liability of insureds for unpaid assessments.
Next Section
§ 58-29A-99 Association's statements of claims paid filed with receiver or liquidator.