§ 1063.71. — 1063.71. (Amended by Stats. 2022, Ch. 408, Sec. 9.)

California § 1063.71.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 1.: CHAPTER 1. General Regulations
• Art. 14.26.: ARTICLE 14.26. California Insurance Guarantee Association Bond Funds

Text

(a)
The terms “member insurer,” “insolvent insurer,” and “covered claims” have the meanings assigned those terms in Section 1063.1.
(b)
“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.
(c)
“Board” means the board of governors of CIGA.
(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 accounts of the Workers’ Compensation Bond Fund, the Homeowners’ and Automobile Bond Fund, and the Other Bond Fund into which special bond assessments are deposited, and the proceeds thereof.
(f)
“CIGA” means the California Insurance Guarantee Association, established pursuant to Article 14.2 (commencing with Section 1063).
(g)
“Commissioner” means the
Insurance Commissioner.
(h)
“Department” means the Department of Insurance.
(i)
“Homeowners’ and Automobile Bond Fund” means the fund created pursuant to subdivision (b) of Section 1063.72.
(j)
“Other Bond Fund” means the fund created pursuant to subdivision (c) of Section 1063.72.
(k)
“Special bond assessment” means the premiums collected by CIGA pursuant to Section 1063.74.
(l)
“Workers’ Compensation Bond Fund” means the fund created pursuant to subdivision (a) of Section 1063.72.

Legislative History

Amended by Stats. 2022, Ch. 408, Sec. 9. (AB 2154) Effective January 1, 2023.