There is a newer version
of
this Section
2020 California Code
Financial Code - FIN
DIVISION 1 - FINANCIAL INSTITUTIONS
CHAPTER 7 - Liquidation and Conservation
ARTICLE 2 - Conservation or Liquidation of an Insured Licensee
Section 620.
Universal Citation: CA Fin Code § 620 (2020)
620.
If the licensee whose property and business has been taken pursuant to Section 592 is insured by a Federal Insurance Agency, the commissioner may tender to the appropriate Federal Insurance Agency an appointment as conservator, liquidator, or receiver of the licensee. The commissioner shall determine whether the licensee whose property and business has been taken shall be liquidated or conserved. If the Federal Insurance Agency accepts the appointment, the Federal Insurance Agency shall have, in addition to any powers conferred by applicable federal law, the powers conferred on the commissioner pursuant to this chapter.
(Amended by Stats. 2015, Ch. 190, Sec. 29. (AB 1517) Effective January 1, 2016.)
Disclaimer: These codes 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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
