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A South Dakota insurance regulator wants a court to declare insolvent a company that insures private student loans for credit unions and other lenders across the country, saying it is in “hazardous financial condition.”

ReliaMax Surety Co. of Sioux Falls, S.D., manages and insures private student loans for about 475 lenders across the country, including credit unions. Its loans under management grew from about $40 million in 2015 to $275 million in April 2017.

Jim DuPlessis

A journalist for decades.

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