California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.5 - Workers' Compensation Insurance Deposits › Section 2509.6 - Acceptable Debt Securities

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Subject to the limitations set forth in the California
					 Insurance Code and this Article, the following types of securities shall be
					 acceptable to the Insurance Commissioner:
Issuing
								Entity
Acceptable Type of
								Securities in NAIC Order
(a)
United States
Bonds or interest
							 bearing notes or obligations or those for which faith and credit are pledged
							 for the payment of principal and interest.
(b)
Federal Agencies
Debentures and
							 consolidated debentures or other debt securities specifically authorized for
							 investment under the general investment sections of the California Insurance
							 Code.
(c)
Any state of the United
							 States
All debt securities specifically authorized for investment under
							 the California Insurance Code.
(d)
A corporation organized under the laws of
							 any state, or the United States, or District of Columbia, the Dominion of
							 Canada or any Province of Canada.
Interest bearing obligations
							 specifically authorized for investment under the California Insurance
							 Code.
(e)
Dominion of Canada, Commonwealth of
							 Puerto Rico, any political subdivision of such commonwealth, any province of
							 Canada.
All such debt securities specifically authorized for investment
							 under the California Insurance Code.
(f)
County, municipality or school district
							 of any state of the United States, any Province of Canada or any political
							 subdivision of the Commonwealth of Puerto Rico.
Any such debt
							 securities, including California Road divisions bonds, specifically authorized
							 for investment under the California Insurance Code.
(g)
A common carrier which is a corporation
							 organized under the laws of any state, or the District of Columbia, the
							 Dominion of Canada or any Province of Canada or a trustee for such corporation
							 and investors, authorized to create a lien on transportation
							 equipment.
Equipment trust obligations or certificates or other
							 adequately secured instruments meeting the tests of Insurance Code Section
							 1192(b).
(h)
Savings and loan associations and banks
							 doing business in this state and insured by the Federal Savings and Loan
							 Insurance Corporation or the Federal Deposit Insurance
							 Corporation.
Investment certificates, passbook share accounts or
							 savings accounts or other such interest bearing accounts specifically
							 authorized for investment under the California Insurance Code.
(i)
Any employer insured by the depositing
							 insurer for its liability to pay workers' compensation insurance
							 benefits.
Interest bearing promissory notes taken for premium, together
							 with their supporting letters of credit or surety bonds, which meet the
							 requirements of the Commissioner's regulations relating to promissory note
							 premiums and collections as contained in Section
							 2350, Title 10, California
							 Administrative Code.
1. Change
					 without regulatory effect amending NOTE filed 4-28-2014 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2014, No. 18).
Note: Authority cited: Section
						11691,
						Insurance Code. Reference: Section
						11691,
						Insurance Code.