Title 58, INSURANCE

As soon as practicable, but not more than two years from the date of an order of liquidation under §§ 58-29B-41 to 58-29B-45 , inclusive, of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth: (1) The reasonable value of the asse…

Upon the basis of the report provided in § 58-29B-88 , including any supplements and amendments thereto, the court may levy one or more assessments against all members of the insurer who are subject to assessment. Subject to any applicable legal limits on assessability, the aggre…

Any officer, manager, director, trustee, owner, employee, representative, or insurance producer of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the director in any proceeding under this chapter or…

After levy of assessment under § 58-29B-89 , the liquidator shall issue an order directing each member who has not paid the assessment pursuant to the order to show cause why the liquidator should not pursue a judgment therefor. Source: SL 1989, ch 436 , § 90.

The liquidator shall give notice of the order to show cause by legal publication in the county of the principal place of business of the insurer and by first class mail to each member liable thereunder mailed to his last known address as it appears on the insurer's records, at le…

If a member does not appear and serve duly verified objections upon the liquidator on or before the return day of the order to show cause under § 58-29B-90 , the court shall make an order adjudging the member liable for the amount of the assessment against him, pursuant to § 58-2…

The liquidator may enforce any order or collect any judgment under § 58-29B-92 , by any lawful means. Source: SL 1989, ch 436 , § 93.

The amount recoverable by the liquidator from reinsurers may not be reduced as a result of delinquency proceedings, unless the reinsurance contract provides, in substance, that in the event of the insolvency of the ceding insurer, the reinsurance is payable under a contract reins…

Notwithstanding § 58-29B-94 , if a life and health insurance guaranty association has made the election to succeed to the rights and obligations of the insolvent insurer under the contract of reinsurance, the reinsurer's liability to pay covered reinsured claims continues under t…

No insurance producer, premium finance company, or any other person, responsible for the payment of a premium at the time of the declaration of insolvency, may be held liable for payment of collected or uncollected unearned premiums or for uncollected earned premiums as shown on …

Upon satisfactory evidence of a violation of § 58-29B-95 , the director may pursue either one or both of the following courses of action; suspend, revoke, or refuse to renew the licenses of such offending party or parties or impose a penalty of not more than one thousand dollars …

Before the director shall take any action as set forth in § 58-29B-96 , he shall give written notice to the person, company, association, or exchange accused of violating the law, stating specifically the nature of the alleged violation, and fixing a time and place, at least ten …

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 guar…

The proposal under § 58-29B-98 shall include, but is not limited to, provisions for: (1) Reserving amounts for the payment of expenses of administration and the payment of claims of secured creditors to the extent of the value of the security held, and claims falling within the p…