There is a newer version of the South Dakota Codified Laws
2011 South Dakota Code
Title 58 INSURANCE
Chapter 29B. Insurers Supervision, Rehabilitation And Liquidation
§58-29B-26 Duration of order--Hearing to extend, shorten or modify--Vacation of order.
SD Codified L § 58-29B-26 (through 2011) What's This?
58-29B-26. Duration of order--Hearing to extend, shorten or modify--Vacation of order. The court shall specify in the order under § 58-29B-25 its duration which shall be such time as the court deems necessary for the director to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may from time to time hold such hearings as it considers desirable after such notice as it deems appropriate, and may extend, shorten, or modify the terms of the seizure order. The court may vacate the seizure order if the director fails to commence rehabilitation or liquidation proceedings under this chapter after having had a reasonable opportunity to do so. An order of the court pursuant to a formal proceeding under this chapter shall vacate the seizure order.
Source: SL 1989, ch 436, § 26.
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