California Insurance Code ARTICLE 14.26 - Workers’ Compensation Bond Fund

• Section 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 collection of...
• Section 1063.71.
  (a) The terms “member insurer,” “insolvent insurer,” and “covered claims” have the meanings assigned those terms in Section 1063.1.(b) The terms “CIGA,” “commissioner,” “board,” and “department” have...
• Section 1063.72.
  The Workers’ Comp Bond Fund is hereby created. Proceeds from the sale of bonds shall be deposited in a separate account in the Workers’ Comp...
• Section 1063.73.
  In the event CIGA determines that the insolvency of one or more member insurers providing workers’ compensation insurance will result in covered claim obligations for...
• Section 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 necessary to pay...
• Section 1063.75.
  Any bonds issued to provide funds for covered claim obligations for workers’ compensation claims shall be issued prior to January 1, 2023, in an aggregate...
• Section 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...
• Section 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 necessary...

Last modified: October 22, 2018