Financial Code § 620

ARTICLE 2. Conservation or Liquidation of an Insured Licensee

Current as of September 28, 2026Fin. Code, § 620Official source ↗

Amended by Stats. 2015, Ch. 190, Sec. 29. (AB 1517) Effective January 1, 2016.

If the licensee whose property and business has been taken pursuant to Section 592 is insured by a Federal Insurance Agency, the commissioner may tender to the appropriate Federal Insurance Agency an appointment as conservator, liquidator, or receiver of the licensee. The commissioner shall determine whether the licensee whose property and business has been taken shall be liquidated or conserved. If the Federal Insurance Agency accepts the appointment, the Federal Insurance Agency shall have, in addition to any powers conferred by applicable federal law, the powers conferred on the commissioner pursuant to this chapter.