California Insurance Code

§ 1823

INS § 1823 Effective Jan 1, 2001Div. 1 · Part 2 · Ch. 7 · Art. 1

Statute text

All surety companies which execute undertakings of bail shall keep any moneys collected from agents licensed pursuant to this code as buildup or reserve funds in segregated trust accounts within the state. These accounts shall be maintained as any of the following:

(a)A Federal Deposit Insurance Corporation (FDIC) insured account.

(b)United States government bonds and treasury certificates or other obligations for which the faith of the United States is pledged for the payment of principal and interest.

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Legislative history

Amended by Stats. 2000, Ch. 141, Sec. 1. Effective January 1, 2001.