On the same grounds as are specified in § 58-29B-138, the director may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which that court will exercise jurisdiction, or any lesser part thereof that the director deems desirable for the protection of the policyholders and creditors in this state.
S.D. Codified Laws § 58-29B-142
Director's application to act as receiver--Grounds
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58–58 (167 sections).
Source: SL 1989, ch 436, § 142.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.