Section 623 Of Article 2. Conservation Or Liquidation Of An Insured Licensee From California Financial Code >> Division 1. >> Chapter 7. >> Article 2.

. The Federal Insurance Agency conservator, liquidator, or receiver shall possess with respect to the insured licensee all the powers, rights, and privileges given the commissioner under this article with respect to the conservation or liquidation of a licensee, as appropriate, and the property and assets of which he or she has taken possession, except insofar as the same may be in conflict with the provisions of applicable federal law.