§ 11885.7. — 11885.7. (Added by Stats. 2009, 4th Ex. Sess., Ch. 12, Sec. 21.)

California § 11885.7.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 3.: PART 3. LIABILITY, WORKERS' COMPENSATION, AND COMMON CARRIER LIABILITY INSURANCE
• Ch. 4.: CHAPTER 4. The State Compensation Insurance Fund
• Art. 7.: ARTICLE 7. Transfer of Ownership

Text

(a)
The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund’s workers’ compensation insurance assets and liabilities under this article, less any costs related to that transaction, into the General Fund.
(b)
The proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund’s workers’ compensation insurance assets and liabilities are not “proceeds of taxes” as that term is used in subdivision (c) of Section 8 of Article XIII
B of the California Constitution. The disbursement of these proceeds is not subject to the limitations imposed by that article.

Legislative History

Added by Stats. 2009, 4th Ex. Sess., Ch. 12, Sec. 21. Effective July 28, 2009.