The court may approve, disapprove, or modify, the report on claims by the liquidator. Such reports as are not modified by the court within a period of sixty days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to §§ 58-29B-119 and 58-29B-120 . No claim under a policy of insurance may be allowed for an amount in excess of the applicable policy limits.
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