Within one hundred twenty days of a final determination of insolvency of an insurer by the court, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshaled assets, from time to time as such assets become available, to a guaranty association or foreign guaranty association having obligations because of such insolvency. If the liquidator determines that there are insufficient assets to disburse, the application required by this section shall be considered satisfied by a filing by the liquidator stating the reasons for this determination.
S.D. Codified Laws § 58-29B-98
Application for approval of proposal to disburse assets
Known as the Insurers Supervision, Rehabilitation, and Liquidation Act
The act spans §§ 58–58 (167 sections).
Source: SL 1989, ch 436, § 98.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.