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Current as of January 01, 2023 | Updated by FindLaw Staff
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.
Cite this article: FindLaw.com - California Code, Insurance Code - INS § 1823 - last updated January 01, 2023 | https://codes.findlaw.com/ca/insurance-code/ins-sect-1823/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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