reglab/housing_qa huggingface dataset:
CA Ins Code § 1063.61 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.61.

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 alter the rights hereby vested in the department to fulfill the terms of any agreements made with the holders thereof or in any way impair the rights and remedies of those holders until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of those holders, are fully met and discharged. The department is authorized to include this pledge and agreement of the state in any agreement with the holders of the notes or bonds.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.62 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.62.

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 and municipal subdivisions, all insurance companies and associations and other persons carrying on an insurance business, all banks, bankers, banking institutions, including savings and loan associations, building and loan associations, trust companies, savings banks and savings associations, investment companies and other persons carrying on a banking business, all administrators, guardians, conservators, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest in bonds or in other obligations of the state, may properly and legally invest funds, including capital, in their control or belonging to them. The bonds may be used by those private financial institutions, persons, or associations as security for public deposits. The bonds are also hereby made securities which may properly and legally be deposited with and received by all public officers and bodies of the state or any agency or political subdivision of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized by law, including deposits to secure public funds.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.63 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.63.

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 the repayment of any bonds issued under this article and to pay costs incurred in the issuance or administration of the bonds. Any pledge made to secure the bonds shall be valid and binding from the time the pledge is made. The revenues pledged and thereafter received by the department or by any trustee, depository or custodian shall be deposited in a separate account and shall be immediately subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of the pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the department, CIGA, or the trustee, depository, or custodian, irrespective of whether the parties have notice thereof. The indenture or agreement by which the pledge is created need not be recorded. All of those insurance assessments, to the extent so pledged, are hereby continuously appropriated for that purpose.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.64 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.64.

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 are necessary or desirable to improve the security and marketability of the bonds issued under this article. Those contracts or agreements may contain an obligation to reimburse, with interest, any of those banks, insurers, or other financial institutions for advances used to pay the purchase price of, or principal or interest on, the bonds. Any such reimbursement obligation shall be payable solely from, and may be secured by a pledge of, the revenues derived from the insurance assessments levied for that purpose or from loan repayments by CIGA.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.65 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.65.

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 any political subdivision thereof, but are limited obligations of the state.Bonds issued under the provisions of this article shall not be deemed to constitute a debt or liability or general obligation of the state or any political subdivision thereof other than as provided in this article and shall be payable solely from funds herein provided therefor. All of the bonds and any prospectus or other printed representation of the department concerning the bonds shall contain on the face thereof a statement to the following effect: “Neither the faith and credit nor the taxing power of the State of California is pledged to the payment of the principal of, or interest on, this bond.”The issuance of bonds under the provisions of this article shall not directly or indirectly or contingently obligate the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.66 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.66.

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 state and every city or county or other political subdivision of the state, except inheritance and gift taxes.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.67 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.67.

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 the issuance and sale of any bonds or other obligations of the department. Payment for these services may be made out of the proceeds of the sale of the bonds or other obligations. The department may delegate to the Treasurer the employment of those professionals.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.68 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.25 - Insurance Assessment Bond Fund|Section 1063.68.

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 department or Treasurer in connection with the obtaining of financing.(Added by Stats. 1996, Ch. 793, Sec. 2. Effective January 1, 1997.)
CA Ins Code § 1063.70 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.70.

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 premiums from its members, which amounts are limited by law and take time to assess and collect. This article provides for the ability of CIGA to request the issuance of bonds by the California Infrastructure and Economic Development Bank pursuant to Article 8 (commencing with Section 63049.6) of Chapter 2 of Division 1 of Title 6.7 of the Government Code to more expeditiously and effectively provide for the payment of covered claims that arise as a result of the insolvencies of insurance companies providing workers’ compensation insurance. The bonds are to be paid from the special bond assessments assessed by CIGA for those purposes and the other funds provided pursuant to Section 1063.74. Special bond assessments to repay bonds issued for payment of workers compensation benefits shall be assessed, to the extent necessary, for the claims category. It is a public purpose and in the best interest of the public health, safety, and general welfare of the residents of this state to provide for the issuance of bonds to pay claimants and policyholders having covered claims against insolvent insurers operating in this state.(Added by Stats. 2003, Ch. 635, Sec. 7. Effective January 1, 2004.)
CA Ins Code § 1063.71 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.71.

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 the meanings assigned those terms in Section 1063.51.(c) “Bank” means the California Infrastructure and Economic Development Bank created pursuant to Article 1 (commencing with Section 63020) of Chapter 2, Division 1 of Title 6.7 of the Government Code.(d) “Bonds” means bonds issued by the Bank pursuant to Article 8 (commencing with Section 63049.6) of Chapter 2 of Division 1 of Title 6.7 of the Government Code to provide funds for the payment of the covered claims and the adjusting and defense expenses relating to those claims that are issued at the request of the board pursuant to Section 1063.73.(e) “Collateral” means the special bond assessments, the right of CIGA to be paid the special bond assessments, all revenues therefrom, the separate account of the Workers’ Comp Bond Fund into which special bond assessments are deposited, and the proceeds thereof.(f) “Special bond assessment” means the premiums collected by CIGA pursuant to Section 1063.74.(g) “Workers’ Comp Bond Fund” means the fund created pursuant to Section 1063.72.(Added by Stats. 2003, Ch. 635, Sec. 7. Effective January 1, 2004.)
CA Ins Code § 1063.72 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.72.

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 Bond Fund. Only CIGA, and with respect to payment of the bonds, the trustee for the bonds, shall have the ability to authorize disbursements from the separate account. Special bond assessments shall be deposited in a separate account in the Workers’ Comp Bond Fund and shall not be commingled with any other moneys. Only the trustee for the bonds shall have the ability to authorize disbursements from this separate account, and CIGA shall have no right or authority to authorize disbursements from this separate account. The Workers’ Comp Bond Fund shall be maintained with the trustee for the bonds. Following payment or provision for payment of the bonds, amounts in the Workers’ Comp Bond Fund shall be transferred to the fund that is designated in the indenture. All money in the Workers’ Comp Bond Fund and all special bond assessments shall be used by CIGA for the exclusive purpose of carrying out the purposes of this part, and, notwithstanding any other provisions of law, the Workers’ Comp Bond Fund shall not be a state fund, shall not be subject to the rules or procedures of any fund in the State Treasury, and application of the fund shall not be subject to the supervision or budgetary approval of any officer or division of state government. CIGA and the trustee for the bonds may as necessary or convenient to the accomplishment of any other purpose under this article, divide the fund into separate accounts.(Added by Stats. 2003, Ch. 635, Sec. 7. Effective January 1, 2004.)
CA Ins Code § 1063.73 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.73.

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 workers’ compensation claims in excess of CIGA’s capacity to pay from current funds, the board, in its sole discretion, may by resolution request the Bank to issue bonds pursuant to Article 8 (commencing with Section 63049.6) of Chapter 2 of Division 1 of Title 6.7 of the Government Code to provide funds for the payment of the covered claims and the adjusting and defense expenses relating to those claims. Notwithstanding any other provision of law, CIGA is hereby authorized to borrow proceeds of the bonds to provide for those purposes. CIGA may request the Bank to issue bonds pursuant to Article 8 (commencing with Section 63049.6) of Chapter 2 of Division 1 of Title 6.7 of the Government Code. CIGA shall provide the commissioner with a copy of the request and the commissioner may, within 30 days of receipt of the request, modify, cancel, or require a delay in the requested issuance. The proceeds of bonds issued for workers’ compensation benefits may be used by CIGA to reimburse funds advanced or temporarily loaned from other categories to fund workers’ compensation claims.(Added by Stats. 2003, Ch. 635, Sec. 7. Effective January 1, 2004.)
CA Ins Code § 1063.74 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.74.

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 the principal of and interest on the bonds, and to meet other requirements established by agreements relating to the bonds. The assessments shall be collected only from the member insurers providing workers’ compensation insurance, in the same manner as separate premium payments are used to pay the claims and costs allocated to that category pursuant to Section 1063.5. Special bond assessments made pursuant to this section shall also be subject to the surcharge provisions in Sections 1063.14 and 1063.145.(b) Notwithstanding any other law, after all bonds issued pursuant to this article have been redeemed, no further initial special bond assessments shall be levied or made. Any premium adjustments called for and described in Section 1063.5, as applied to special bond assessments initially charged, shall continue to be made and determined. Any credits or charges that result from the premium adjustments on the special bond assessments shall be credited or charged to the assessments called for and described in Section 1063.5.(c) In addition to the special bond assessments provided for in this section, the board in its discretion and subject to other obligations of the association, may utilize current funds of CIGA, premium assessments made under Section 1063.5, and advances or dividends received from the liquidators of insolvent insurers to pay the principal and interest on any bonds issued at the board’s request and shall utilize, to the extent feasible, the recoveries from the liquidators of the estates of insolvent workers’ compensation carriers to pay bonds issued at the board’s request to fund workers’ compensation claims.(Amended by Stats. 2014, Ch. 76, Sec. 2. (AB 2230) Effective January 1, 2015.)
CA Ins Code § 1063.75 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.75.

1063.75.  Any bonds issued to provide funds for covered claim obligations for workers’ compensation claims shall be issued prior to January 1, 2026, in an aggregate principal amount outstanding at any one time not to exceed one billion five hundred million dollars ($1,500,000,000), and any bonds issued or issued to refund bonds shall not have a final maturity exceeding 20 years from the date of issuance. The bonds shall be issued at the request of CIGA, shall be in the form, shall bear the date or dates, and shall mature at the time or times as the indenture authorized by the request may provide. The bonds may be issued in one or more series, as serial bonds or as term bonds, or as a combination thereof, and, notwithstanding any other provision of law, the amount of principal of, or interest on, bonds maturing at each date of maturity need not be equal. The bonds shall bear interest at the rate or rates, variable or fixed or a combination thereof, be in the denominations, be in the form, either coupon or registered, carry the registration privileges, be executed in the manner, be payable in the medium of payment at the place or places within or without the state, be subject to the terms of redemption, contain the terms and conditions, and be secured by the covenants as the indenture may provide. The indenture may provide for the proceeds of the bonds and funds securing the bonds to be invested in any securities and investments, including investment agreements, as specified therein. CIGA may enter into or authorize any ancillary obligations or derivative agreements as it determines necessary or desirable to manage interest rate risk or security features related to the bonds. The bonds shall be sold at public or private sale by the Treasurer at, above, or below the principal amount thereof, on the terms and conditions and for the consideration in the medium of payment that the Treasurer shall determine prior to the sale.(Amended by Stats. 2021, Ch. 305, Sec. 1. (AB 1541) Effective January 1, 2022.)
CA Ins Code § 1063.77 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.26 - Workers Compensation Bond Fund|Section 1063.77.

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 or desirable to improve the security and marketability of, or to manage interest rates or other risks associated with, the bonds issued pursuant to Article 8 (commencing with Section 63049.6) of Chapter 2 of Division 1 of Title 6.7 of the Government Code. Those contracts or agreements may contain an obligation to reimburse, with interest, any of those banks, insurers, or other financial institutions or parties for advances used to pay the purchase price of, or principal or interest on, the bonds or other obligations.(Added by Stats. 2003, Ch. 635, Sec. 7. Effective January 1, 2004.)
CA Ins Code § 1064.2 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 1 - General Regulations|ARTICLE 14.3 - Uniform Liquidation Act|Section 1064.2.

1064.2.  (a) Whenever under the laws of this state a receiver is to be appointed in delinquency proceedings for an insurer domiciled in this state, the court shall appoint the commissioner as receiver. Upon the appointment, the court shall direct the receiver forthwith to take possession of the assets of the insurer and to administer them under the orders of the court.(b) The domiciliary receiver and his or her successors in office shall be vested by operation of law with the title to all of the property, contracts, and rights of action, and all of the books and records of the insurer wherever located, as of the date of the order of his or her appointment, and he or she shall have the right to recover the same and reduce them to possession; except that ancillary receivers in reciprocal states shall have, as to assets located in their respective states, the rights and powers which are prescribed in this article for ancillary receivers appointed in this state as to assets located in this state. The filing or recording of the order appointing the receiver or certified copy thereof, in the office where instruments affecting title to property are required to be filed or recorded shall impart the same notice as would be imparted by a deed, bill of sale, or other evidence of title duly filed or recorded. The domiciliary receiver shall be responsible on his or her official bond for the proper administration of all assets coming into his or her possession or control.(c) Upon taking possession of the assets of a delinquent insurer the domiciliary receiver shall, subject to the direction of the court, and in accordance with those procedures that the receiver may petition the court to establish, immediately proceed to conduct the business of the insurer or to take the steps authorized by the laws of this state for the purpose of liquidating, rehabilitating, reorganizing, or conserving the affairs of the insurer. In connection with delinquency proceedings, he or she may appoint one or more special deputy commissioners to act for him or her, and may employ clerks and assistants as he or she deems necessary. The compensation of the special deputies, clerks, or assistants and all expenses of taking possession of the delinquent insurer and of conducting the delinquency proceedings shall be fixed by the receiver, subject to the approval of the court, and shall be paid out of the funds or assets of the insurer. Within the limits of the duties imposed upon them, special deputies shall possess all the powers given to them, and, in the exercise of those powers, shall be subject to all of the duties imposed upon the receiver with respect to delinquency proceedings.(Amended by Stats. 1995, Ch. 893, Sec. 3. Effective January 1, 1996.)