California Insurance Code ARTICLE 14.25 - Insurance Assessment Bond Fund

• Section 1063.50.
  The California Insurance Guarantee Association is authorized to pay and discharge certain claims of insolvent insurers as defined in Section 1063.1 through the collection of...
• Section 1063.51.
  (a) The terms “member insurer,” “insolvent insurer,” and “covered claims” have the meanings assigned those terms in Section 1063.1.(b) “CIGA” means the California Insurance Guarantee Association, established...
• Section 1063.52.
  The Insurance Assessment Bond Fund is hereby created in the State Treasury. Proceeds from the sale of bonds issued pursuant to this article and insurance...
• Section 1063.53.
  (a) In the event a natural disaster such as an earthquake or fire results in covered claim obligations currently payable and owed by the association in...
• Section 1063.54.
  Notwithstanding any other provision of law, the department, in accordance with this article and at the request of the board pursuant to Section 1063.53 may...
• Section 1063.55.
  The bonds shall be authorized by order of the commissioner, shall be in the form, shall bear the date or dates, and shall mature at...
• Section 1063.56.
  Upon receipt of an order of the commissioner authorizing the issuance of bonds, the Treasurer shall provide for their preparation in accordance with the order....
• Section 1063.57.
  The department may provide for the issuance of refunding bonds for the purpose of refunding any bonds then outstanding which have been issued under the...
• Section 1063.58.
  Refunding bonds issued as provided in Section 1063.57 may be sold, or exchanged for outstanding bonds issued under this article and, if sold, the proceeds...
• Section 1063.59.
  The Treasurer or any other person executing the notes or bonds shall not be subject to any personal liability or accountability by reason of the...
• Section 1063.60.
  The department may issue negotiable bond anticipation notes and may refund those notes from time to time. Bond anticipation notes may be paid from the...
• Section 1063.61.
  The state does hereby pledge to and agree with the holders of any bonds issued under this article that the state will not limit or...
• Section 1063.62.
  Bonds issued under this article shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities...
• Section 1063.63.
  All or any part of the revenues from the insurance assessments or from loan repayments by CIGA may be pledged by the department to secure...
• Section 1063.64.
  The department and CIGA are each authorized to enter into those contracts or agreements with those banks, insurers, or other financial institutions that it determines...
• Section 1063.65.
  The bonds shall not be, and shall state on their face that they are not, general obligations of the department or of the state or...
• Section 1063.66.
  Bonds issued by the department pursuant to this article, their transfer and the income therefrom, shall be free from taxation of every kind by the...
• Section 1063.67.
  The department is authorized and empowered to employ financial consultants, advisers, legal counsel, and accountants as may be necessary in its judgment in connection with...
• Section 1063.68.
  The provisions of Section 10295 and Sections 10335 to 10382, inclusive, of the Public Contract Code shall not apply to agreements entered into by the...

Last modified: October 22, 2018