California Labor Code 3745 – (a) The fund shall maintain cash, readily marketable securities, …
(a) The fund shall maintain cash, readily marketable securities, or other assets, or a line of credit, approved by the director, sufficient to immediately continue the payment of the compensation obligations of an insolvent self-insurer pending assessment of the members. The director may establish the minimum amount to be maintained by, or immediately available to, the fund for this purpose.
(b) The fund may assess each of its members a pro rata share of the funding necessary to carry out the purposes of this article.
Terms Used In California Labor Code 3745
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: means the Director of Industrial Relations. See California Labor Code 3741
- Fund: means the Self-Insurers' Security Fund established pursuant to Section 3742. See California Labor Code 3741
- Insolvent self-insurer: means a private self-insurer who has failed to pay compensation and whose security deposit has been called by the director pursuant to Section 3701. See California Labor Code 3741
- Trustees: means the Board of Trustees of the Self-Insurers' Security Fund. See California Labor Code 3741
(c) The trustees shall certify to the director the collection and receipt of all moneys from assessments, noting any delinquencies. The trustees shall take any action deemed appropriate to collect any delinquent assessments.
(Amended by Stats. 2012, Ch. 363, Sec. 25. (SB 863) Effective January 1, 2013.)