ARTICLE 14.26. California Insurance Guarantee Association Bond Funds [1063.70. - 1063.78.]

Heading of Article 14.26 amended by Stats. 2022, Ch. 408, Sec. 7.

§§ 1063.70–1063.78 · 9 sections

• § 1063.70 The California Insurance Guarantee Association is authorized to pay and discharge certain claims of insolvent insurers as defined in Section 1063.1 through the…
• § 1063.71 (a) The terms “member insurer,” “insolvent insurer,” and “covered claims” have the meanings assigned those terms in Section 1063.1. (b) “Bank” means the…
• § 1063.72 (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…
• § 1063.73 In the event CIGA determines that the insolvency of one or more member insurers providing insurance in at least one of the categories described in paragraph…
• § 1063.74 (a) Notwithstanding any other limits on assessments, CIGA shall have the authority to levy upon member insurers special bond assessments in the amount…
• § 1063.75 Bonds issued to provide funds for covered claim obligations for workers’ compensation claims, homeowners’ and automobile claims, as described in subparagraph…
• § 1063.76 (a) The collateral shall be used solely for the purpose of paying the principal and redemption price of, and interest on, the bonds and any amounts owing by…
• § 1063.77 CIGA is authorized to enter into those contracts or agreements with those banks, insurers, or other financial institutions or parties that it determines are…
• § 1063.78 If the board requests the California Infrastructure and Economic Development Bank to issue bonds pursuant to Section 1063.70, the board shall report all of the…