63049.6. For purposes of this article, the following terms have the
following meanings, in addition to the definitions contained in
Section 63010, unless the context clearly indicates or requires
another meaning:
(a) "Association" means the California Insurance Guaranty
Association created pursuant to Article 14.2 (commencing with Section
1063) of Chapter 1 of Part 2 of Division 1 of the Insurance Code.
(b) "Department" means the Department of Insurance.
(c) "Fund" means the Insurance Assessment Bond Fund created by
Section 1063.72 of the Insurance Code.
63049.62. Notwithstanding any other provision of this division, a
financing of the costs of claims of insolvent insurers upon the
request of the association pursuant to Section 1063.73 of the
Insurance Code shall be deemed to be in the public interest and
eligible for financing by the bank, and Article 3 (commencing with
Section 63040), Article 4 (commencing with Section 63042), Article 5
(commencing with Section 63043), Article 6 (commencing with Section
63048), and Article 7 (commencing with Section 63049) shall not apply
to the financing provided by the bank to, or at the request of, the
association or the department in connection with the fund.
Notwithstanding any other provision of this division, the bank shall
have no authority over any matter that is subject to the approval of
the Insurance Commissioner under Article 14.2 (commencing with
Section 1063) of Chapter 1 of Part 2 of Division 1 of the Insurance
Code.
63049.64. (a) The bank may issue bonds pursuant to Chapter 5
(commencing with Section 63070) and may loan the proceeds thereof to
the association, and deposit the proceeds into a separate account in
the fund, or use the proceeds to refund bonds previously issued under
this article. Bond proceeds may also be used to fund necessary
reserves, capitalized interest, credit enhancement costs, or costs of
issuance.
(b) Bonds issued under this article shall not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the bank, or a pledge of the faith
and credit of the state or of any political subdivision, but shall be
payable solely from the fund and other revenues and assets securing
the bonds. All bonds issued under this article shall contain on the
face of the bonds a statement to that effect.
(c) For purposes of this article, the term "project," as defined
in subdivision (p) of Section 63010, shall include financing of the
costs of claims of insolvent workers' compensation insurers, in an
amount (together with associated costs of financing) that may be
determined by the association in making a request for financing to
the bank.
63049.66. The fund, and any other fund or account established
pursuant to the issuance of bonds authorized by this article may be
invested in any investment authorized pursuant to Section 63062, and
any such fund or account shall be established outside of the
centralized treasury system. The bank shall select as trustee for the
bonds a corporation or banking association authorized to exercise
corporate trust powers.
63049.6. For purposes of this article, the following terms have the
following meanings, in addition to the definitions contained in
Section 63010, unless the context clearly indicates or requires
another meaning:
(a) "Association" means the California Insurance Guaranty
Association created pursuant to Article 14.2 (commencing with Section
1063) of Chapter 1 of Part 2 of Division 1 of the Insurance Code.
(b) "Department" means the Department of Insurance.
(c) "Fund" means the Insurance Assessment Bond Fund created by
Section 1063.72 of the Insurance Code.
63049.62. Notwithstanding any other provision of this division, a
financing of the costs of claims of insolvent insurers upon the
request of the association pursuant to Section 1063.73 of the
Insurance Code shall be deemed to be in the public interest and
eligible for financing by the bank, and Article 3 (commencing with
Section 63040), Article 4 (commencing with Section 63042), Article 5
(commencing with Section 63043), Article 6 (commencing with Section
63048), and Article 7 (commencing with Section 63049) shall not apply
to the financing provided by the bank to, or at the request of, the
association or the department in connection with the fund.
Notwithstanding any other provision of this division, the bank shall
have no authority over any matter that is subject to the approval of
the Insurance Commissioner under Article 14.2 (commencing with
Section 1063) of Chapter 1 of Part 2 of Division 1 of the Insurance
Code.
63049.64. (a) The bank may issue bonds pursuant to Chapter 5
(commencing with Section 63070) and may loan the proceeds thereof to
the association, and deposit the proceeds into a separate account in
the fund, or use the proceeds to refund bonds previously issued under
this article. Bond proceeds may also be used to fund necessary
reserves, capitalized interest, credit enhancement costs, or costs of
issuance.
(b) Bonds issued under this article shall not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the bank, or a pledge of the faith
and credit of the state or of any political subdivision, but shall be
payable solely from the fund and other revenues and assets securing
the bonds. All bonds issued under this article shall contain on the
face of the bonds a statement to that effect.
(c) For purposes of this article, the term "project," as defined
in subdivision (p) of Section 63010, shall include financing of the
costs of claims of insolvent workers' compensation insurers, in an
amount (together with associated costs of financing) that may be
determined by the association in making a request for financing to
the bank.
63049.66. The fund, and any other fund or account established
pursuant to the issuance of bonds authorized by this article may be
invested in any investment authorized pursuant to Section 63062, and
any such fund or account shall be established outside of the
centralized treasury system. The bank shall select as trustee for the
bonds a corporation or banking association authorized to exercise
corporate trust powers.
63049.6. For purposes of this article, the following terms have the
following meanings, in addition to the definitions contained in
Section 63010, unless the context clearly indicates or requires
another meaning:
(a) "Association" means the California Insurance Guaranty
Association created pursuant to Article 14.2 (commencing with Section
1063) of Chapter 1 of Part 2 of Division 1 of the Insurance Code.
(b) "Department" means the Department of Insurance.
(c) "Fund" means the Insurance Assessment Bond Fund created by
Section 1063.72 of the Insurance Code.
63049.62. Notwithstanding any other provision of this division, a
financing of the costs of claims of insolvent insurers upon the
request of the association pursuant to Section 1063.73 of the
Insurance Code shall be deemed to be in the public interest and
eligible for financing by the bank, and Article 3 (commencing with
Section 63040), Article 4 (commencing with Section 63042), Article 5
(commencing with Section 63043), Article 6 (commencing with Section
63048), and Article 7 (commencing with Section 63049) shall not apply
to the financing provided by the bank to, or at the request of, the
association or the department in connection with the fund.
Notwithstanding any other provision of this division, the bank shall
have no authority over any matter that is subject to the approval of
the Insurance Commissioner under Article 14.2 (commencing with
Section 1063) of Chapter 1 of Part 2 of Division 1 of the Insurance
Code.
63049.64. (a) The bank may issue bonds pursuant to Chapter 5
(commencing with Section 63070) and may loan the proceeds thereof to
the association, and deposit the proceeds into a separate account in
the fund, or use the proceeds to refund bonds previously issued under
this article. Bond proceeds may also be used to fund necessary
reserves, capitalized interest, credit enhancement costs, or costs of
issuance.
(b) Bonds issued under this article shall not be deemed to
constitute a debt or liability of the state or of any political
subdivision thereof, other than the bank, or a pledge of the faith
and credit of the state or of any political subdivision, but shall be
payable solely from the fund and other revenues and assets securing
the bonds. All bonds issued under this article shall contain on the
face of the bonds a statement to that effect.
(c) For purposes of this article, the term "project," as defined
in subdivision (p) of Section 63010, shall include financing of the
costs of claims of insolvent workers' compensation insurers, in an
amount (together with associated costs of financing) that may be
determined by the association in making a request for financing to
the bank.
63049.66. The fund, and any other fund or account established
pursuant to the issuance of bonds authorized by this article may be
invested in any investment authorized pursuant to Section 63062, and
any such fund or account shall be established outside of the
centralized treasury system. The bank shall select as trustee for the
bonds a corporation or banking association authorized to exercise
corporate trust powers.
