2006 South Dakota Code - 3-22-10 — Recovery under structured settlement agreement--Maximum annual payout of fund--Exclusive remedy--Maximum payout on single claim covered by insurance--Proration of attorney\'s fees--Time for payment of claims--Prepayment.

     3-22-10.   Recovery under structured settlement agreement--Maximum annual payout of fund-- Exclusive remedy--Maximum payout on single claim covered by insurance--Proration of attorney's fees--Time for payment of claims--Prepayment. Notwithstanding any other provision of law, whenever a final judgment establishes a claim, the claimant may recover against a member or employee only under a structured settlement arrangement with the PEPL that will result in payout of no more than two percent of the fund in any one year as determined at the time of the occurrence of the action giving rise to the claim. This is the exclusive remedy for any claim against a member or an employee. For the purpose of payment of claims covered by any contract of insurance purchased by the bureau, the maximum payout on a single claim in a single coverage year is two hundred thousand dollars. Attorney's fees associated with any claim subject to this section shall be prorated in conformance with the structured settlement. Any reserve funds established pursuant to this chapter are not assets of the fund for the purposes of this section. All claims shall be paid as provided herein on or about June thirtieth of each succeeding year in order to facilitate proration of all claims. The bureau may authorize prepayment of all or any part of any claim provided provision is made in the payment agreement for return to the fund of a portion of the prepaid claim in order to satisfy the proration provisions of this section. In the event available reserves of the fund result in a proration under this section, the unsatisfied portion of any claim may be carried forward from year to year for as long as a judgment would be valid under the laws of this state.

Source: SL 1986, ch 413, § 10; SL 1987, ch 40, § 7.