California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 9.5 - Workers' Compensation Insurance Deposits
Section 2509.6 - Acceptable Debt Securities
Universal Citation: 10 CA Code of Regs 2509.6
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Subject to the limitations set forth in the California Insurance Code and this Article, the following types of securities shall be acceptable to the Insurance Commissioner:
|
Issuing Entity |
Acceptable Type of Securities in NAIC Order |
|
| (a) | United States | Bonds or interest bearing notes or obligations or those for which faith and credit are pledged for the payment of principal and interest. |
| (b) | Federal Agencies | Debentures and consolidated debentures or other debt securities specifically authorized for investment under the general investment sections of the California Insurance Code. |
| (c) | Any state of the United States | All debt securities specifically authorized for investment under the California Insurance Code. |
| (d) | A corporation organized under the laws of any state, or the United States, or District of Columbia, the Dominion of Canada or any Province of Canada. | Interest bearing obligations specifically authorized for investment under the California Insurance Code. |
| (e) | Dominion of Canada, Commonwealth of Puerto Rico, any political subdivision of such commonwealth, any province of Canada. | All such debt securities specifically authorized for investment under the California Insurance Code. |
| (f) | County, municipality or school district of any state of the United States, any Province of Canada or any political subdivision of the Commonwealth of Puerto Rico. | Any such debt securities, including California Road divisions bonds, specifically authorized for investment under the California Insurance Code. |
| (g) | A common carrier which is a corporation organized under the laws of any state, or the District of Columbia, the Dominion of Canada or any Province of Canada or a trustee for such corporation and investors, authorized to create a lien on transportation equipment. | Equipment trust obligations or certificates or other adequately secured instruments meeting the tests of Insurance Code Section 1192(b). |
| (h) | Savings and loan associations and banks doing business in this state and insured by the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation. | Investment certificates, passbook share accounts or savings accounts or other such interest bearing accounts specifically authorized for investment under the California Insurance Code. |
| (i) | Any employer insured by the depositing insurer for its liability to pay workers' compensation insurance benefits. | Interest bearing promissory notes taken for premium, together with their supporting letters of credit or surety bonds, which meet the requirements of the Commissioner's regulations relating to promissory note premiums and collections as contained in Section 2350, Title 10, California Administrative Code. |
1. Change without regulatory effect amending 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.
Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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