California Insurance Code

§ 1063.72

INS § 1063.72 Effective Jan 1, 2023Div. 1 · Part 2 · Ch. 1 · Art. 14.26

Statute text

(a)The Workers’ Compensation Bond Fund is hereby created.

(1)Proceeds from the sale of bonds with respect to the workers’ compensation category described in subparagraph (A) of paragraph (2) of subdivision (a) of Section 1063.5 shall be deposited in a separate account in the Workers’ Compensation Bond Fund. Only CIGA, and, with respect to payment of the bonds, the trustee for the bonds, shall have the ability to authorize disbursements from the separate account within the Workers’ Compensation Bond Fund.

(2)Special bond assessments levied pursuant to Section 1063.74 with respect to the workers’ compensation category shall be deposited in a separate account in the Workers’ Compensation Bond Fund and shall not be commingled with any other moneys. Only the trustee for the bonds shall have the ability to authorize disbursements from this separate account within the Workers’ Compensation Bond Fund, and CIGA shall have no right or authority to authorize disbursements from this separate account.

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Legislative history

Repealed and added by Stats. 2022, Ch. 408, Sec. 11. (AB 2154) Effective January 1, 2023.