58-11-9.1. Motor vehicle insured by insolvent liability insurer defined as uninsured--Rights of insurer making payment under uninsured motorist coverage.
For the purpose of uninsured motorist coverage the term "uninsured motor vehicle" shall be deemed to include an insured motor vehicle where the liability insurer thereof is unable to make payment with respect to the legal liability of its insured within the limits specified therein because of insolvency. In the event of payment by an insurer to any person under the uninsured motorist coverage, the insurer making such payment shall, to the extent thereof, be entitled to the proceeds of any settlement or judgment resulting from the exercise of any rights of recovery of such person against any person or organization legally responsible for the damage for which such payment is made, including the proceeds recoverable from the assets of the insolvent insurer.
Source: SL 1966, ch 111, ch 22, §16 (5) as added by SL 1968, ch 136.