Statute · California Insurance Code
Cal. Ins. Code § 11885.7 — Transfer of Ownership
Cal. Ins. Code § 11885.7
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 2009-07-28
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(a) The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund’s workers’ compensation insurance assets and liabilities under this article, less any costs related to that transaction, into the…
Citator
Cal. Ins. Code § 11885.7 — Transfer of Ownership is in force in the current edition of the Code, and nothing recorded condemns it.
(a) The Director of Finance shall deposit all proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund’s workers’ compensation insurance assets and liabilities under this article, less any costs related to that transaction, into the General Fund.
(b) The proceeds of any sale of, or any funds achieved through any other disposition of, the State Compensation Insurance Fund’s workers’ compensation insurance assets and liabilities are not “proceeds of taxes” as that term is used in subdivision (c) of Section 8 of Article XIIIB of the California Constitution. The disbursement of these proceeds is not subject to the limitations imposed by that article.