The rehabilitator may take any action he considers appropriate to reform and revitalize the insurer. He shall have all the powers of the directors, officers, and managers, whose authority shall be suspended, except as they are redelegated by the rehabilitator. He may direct and manage, hire and discharge employees subject to any contract rights they may have, and deal with the property and business of the insurer.
S.D. Codified Laws § 58-29B-33
Authority of rehabilitator to reform and revitalize issuer
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58-29B-1–58-29B-99 (167 sections).
Source: SL 1989, ch 436, § 33.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.