The director may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the director upon or after the granting of a liquidation order. Dissolution may also be effected by operation of law upon the discharge of the liquidator, if the insurer is insolvent and may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.
S.D. Codified Laws § 58-29B-48
Order to dissolve corporate existence--Procedure
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58–58 (167 sections).
Source: SL 1989, ch 436, § 48.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.