California Code, Insurance Code - INS § 11778

The fund may transact workers' compensation insurance required or authorized by law of this state to the same extent as any other insurer.  The fund shall be subject to the powers and authority of the commissioner to the same extent as any other insurer transacting workers' compensation insurance, except where specifically exempted by reference.  For purposes of Section 700, the fund shall be deemed admitted to transact this class of insurance.