58-29C-61. Stay of proceedings against insolvent insurer--Default judgment set aside.
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred eighty days from the date an order of liquidation, rehabilitation, or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As to judgment under any decision, order, verdict, or finding based on default the association may apply to have such judgment set aside by the same court that made such judgment and shall be permitted to defend against such suit on the merits.
Source: SL 2003, ch 252, §18; SL 2013, ch 252, §10.
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.