Cal. Insurance Code § 1823

California · California Insurance Code · Status: effective · Effective 2001-01-01

Cite this

Citation: Cal. Insurance Code § 1823, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/878692
Permanent ID: ys:prov:878692@1
SHA-256: 9b83819b76bf6b43ba63e5de15bbe270058afe994c7c9ef5439d75b4e396143f

The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.

Full text

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.