Ins. Code, § 1823 · Article 1. Qualification and Licensing
Ins. Code, § 1823
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
All surety companies which execute undertakings of bail shall keep any moneys collected from agents licensed pursuant to this code as buildup or reserve funds in segregated trust accounts within the state. These accounts shall be maintained as any of the following:
(a) A Federal Deposit Insurance Corporation (FDIC) insured account.
(b) United States government bonds and treasury certificates or other obligations for which the faith of the United States is pledged for the payment of principal and interest.
(c) Repurchase agreements collateralized by securities issued by the United States government.
(d) A money market fund that limits its portfolio to those securities listed in subdivisions (a) and (b).
The accounts described in this section shall not be hypothecated or offered as collateral.
The accounts described in this section shall be used to satisfy the unfulfilled obligations of the undertakings of bail written by the agents from whom the moneys have been collected and to otherwise satisfy the unfulfilled obligations which may be owing to the surety by those agents.
Notes and commentary — not statutory text
History
Amended by Stats. 2000, Ch. 141, Sec. 1. Effective January 1, 2001.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=1823.
- Text hash
- sha256 4cb96bbd0c0de89e9513f6b8c06cd3b5c461acdb9c911ed06900532cbe8291b4
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
Provisions in this library whose text cites Ins. Code, § 1823. Each shows the citation as that text prints it.
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