If required by the commissioner, the conservator, liquidator, receiver, or members of the liquidating committee appointed under this article shall provide proof of bond coverage that extends to the conservator, liquidator, receiver, or members of the liquidating committee. The bond shall include fraud, dishonesty, and faithful performance coverage. The premium for that bond shall be paid out of the assets of the licensee.

(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Terms Used In California Financial Code 606

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fraud: Intentional deception resulting in injury to another.
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