2019 South Dakota Codified Laws
Title 58 - Insurance
Chapter 29B - Insurers Supervision, Rehabilitation And Liquidation
§ 58-29B-32.1 Appointment of deputies--Powers and responsibilities--Employment of counsel, clerks and assistants--Compensation--Advisory committee.
58-29B-32.1. Appointment of deputies--Powers and responsibilities--Employment of counsel, clerks and assistants--Compensation--Advisory committee. The director as rehabilitator may appoint one or more special deputies, who shall have all the powers and responsibilities of the rehabilitator granted under this section, and the director may employ such counsel, clerks, and assistants as he considers necessary. The compensation of the special deputy, counsel, or clerks and assistants and all expenses of taking possession of the insurer and of conducting the proceedings shall be fixed by the director, with the approval of the court and shall be paid out of the funds or assets of the insurer. Any persons appointed under this section shall serve at the pleasure of the director. In the event that the property of the insurer does not contain sufficient cash or liquid assets to defray the costs incurred, the director, with the approval of the secretary of the Department of Labor and Regulation, may advance the costs so incurred out of any appropriation for the maintenance of the Division of Insurance. Any amounts so advanced for expenses of administration shall be repaid to the director for the use of the Division of Insurance out of the first available money of the insurer. The director may, with the approval of the court, appoint an advisory committee of policyholders, claimants or other creditors including guaranty associations. The committee shall serve at the pleasure of the director and shall serve without compensation other than reimbursement for reasonable travel and per diem expenses. No other committee of any nature may be appointed by the director or the court in rehabilitation.
Source: SL 1989, ch 436, § 32A; SL 1992, ch 351, § 3; SL 2003, ch 272 (Ex. Ord. 03-1), § 20; SL 2011, ch 1 (Ex. Ord. 11-1), § 162, eff. Apr. 12, 2011.
