58-29B-41. Petition for liquidation--Grounds.The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state based on the following:(1)Any ground for an order of rehabilitation as specified in §58-29B-31, whether or not there has been a prior order directing the rehabilitation of the insurer;(2)The insurer is insolvent; or(3)The insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public. Source: SL 1989, ch 436, §41.
South Dakota Legal Code