58-29C-45. Purpose of chapter--Creation of association.
A. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in subpart A of §58-29C-46 against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in subpart B of §58-29C-46, because of the impairment or insolvency of the member insurer that issued the policies, plans, or contracts.
B. To provide this protection, an association of member insurers is organized to pay benefits and to continue coverages as limited by this chapter, and members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
Source: SL 2003, ch 252, §2; SL 2020, ch 210, § 1.
Structure South Dakota Codified Laws
Chapter 29C - Life And Health Insurance Guaranty Association
Section 58-29C-44 - Short title.
Section 58-29C-45 - Purpose of chapter--Creation of association.
Section 58-29C-46 - Persons provided with coverage--Policies and portions of policies not covered.
Section 58-29C-47 - Construction of chapter.
Section 58-29C-48 - Definitions.
Section 58-29C-50 - Board of directors--Appointment and term--Vacancies--Compensation.
Section 58-29C-51 - Impaired or insolvent member--Actions authorized.
Section 58-29C-53 - Plan of operation--Effective date--Requirements--Delegation of powers.
Section 58-29C-54 - Duties and powers of director.
Section 58-29C-56 - Member assessment as offset against premium tax liability.
Section 58-29C-58 - Association subject to regulation by director--Financial report.
Section 58-29C-59 - Association's tax exemption status.
Section 58-29C-60 - No liability for performance of powers and duties of association or its members.
Section 58-29C-61 - Stay of proceedings against insolvent insurer--Default judgment set aside.