California Insurance Code 942 – The commissioner shall permit a deposit of those securities in the …
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The commissioner shall permit a deposit of those securities in the State Treasury, subject to the provisions of Section 11691, if applicable. The securities deposited with the Treasurer shall be maintained in electronic book entry or certificate form as security for policyholders or policyholders and creditors of the insurer to whom they respectively belong. The state is responsible for the custody and safe return of any money or securities so deposited. The Treasurer shall deposit these moneys under the provisions of Sections 16370 and 16375 of the Government Code.
(Amended by Stats. 2009, Ch. 234, Sec. 6. (AB 299) Effective January 1, 2010.)
Terms Used In California Insurance Code 942
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28