§ 58-29B-149 Duties and powers of ancillary receiver when domiciliary receiver, conservator, or liquidator appointed in reciprocal state.

SD Codified L § 58-29B-149 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

58-29B-149. Duties and powers of ancillary receiver when domiciliary receiver, conservator, or liquidator appointed in reciprocal state. If a domiciliary receiver, conservator, or liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this state may, whenever necessary, aid and assist the domiciliary receiver, conservator, or liquidator in recovering assets of the insurer located in this state. The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings. The ancillary receiver shall promptly transfer all remaining assets, books, accounts, and records to the domiciliary receiver, conservator, or liquidator. The ancillary receiver and the receiver's deputies have the same powers and duties with respect to the administration of assets as a liquidator of an insurer domiciled in this state.

Source: SL 1989, ch 436, § 149; SL 2008, ch 271, § 5.

Previous Section

§ 58-29B-148 Court may appoint ancillary receiver on terms deemed appropriate--Filing--Notice imparted.

Next Section

§ 58-29B-150 Duties and powers of ancillary receivers, conservators, or liquidators when domiciliary liquidator appointed in this state.