California Insurance Code

§ 1064.7

INS § 1064.7Div. 1 · Part 2 · Ch. 1 · Art. 14.3

Statute text

The owners of special deposit claims against an insurer for which a receiver is appointed in this or any other state shall be given priority against their several special deposits in accordance with the provisions governing the creation and maintenance of such deposits. If there is a deficiency in any such deposit so that the claims secured thereby are not fully discharged therefrom, the claimants may share in the general assets, but, unless applicable law provides otherwise, the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.

Legislative history

Added by Stats. 1988, Ch. 1466, Sec. 1.