California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 9.5 - Workers' Compensation Insurance Deposits
Section 2509.15 - Title and Location of Deposit Held by a Depository

If an insurer elects to place the required deposit with a bank, savings and loan association or trust company, all securities shall be in coupon or bearer form, negotiable form, registered to the Insurance Commissioner, or in the name of the depository bank, savings and loan association or trust company, or in the name of a nominee of such bank, savings and loan association or trust company, and shall be in accordance with the laws of this State permitting use of nominees. If registered in the depositor's name, the workers' compensation insurer shall execute and deliver, in duplicate, to the Commissioner a power of attorney in favor of the Commissioner for the purposes specified in Section 11691 of the California Insurance Code supported by a resolution of the depositor's board of directors. In the case of the deposit of a promissory note taken for a premium, the power of attorney and resolution of the board of directors shall extend to the promissory note and the supporting letter of credit or surety bond. Such power of attorney and directors' resolution shall be on a form approved by the Commissioner, and shall provide that the power of attorney cannot be revoked or withdrawn without the consent of the Commissioner, and shall contain an acknowledgment, as required by law.

1. Change without regulatory effect amending section and NOTE filed 4-28-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 18).

Note: Authority cited: Section 11691, Insurance Code. Reference: Section 11691, Insurance Code.