Section 1041 Of Article 14. Proceedings In Cases Of Insolvency And Delinquency From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 14.
1041
. The commissioner shall be the custodian of all moneys
collected by him or her or coming into his or her possession in the
course of any proceeding under this article, but the commissioner may
deposit those moneys, or any part thereof, without court approval in
a bank which is a member of the Federal Deposit Insurance
Corporation (FDIC), so long as the total deposit did not exceed those
federal insurance limits; in a centralized State Treasury system
bank account; or in funds administered by the Treasurer.
Provided further, any money which is deposited by the commissioner
pursuant to this section, which the commissioner determines is
available for investment, may be invested or reinvested by the
Treasurer in any of the securities which are described in Article 1
(commencing with Section 16430) of Chapter 3 of Part 2 of Division 4
of Title 2 of the Government Code, or placed in a bank as provided in
Chapter 4 (commencing with Section 16500) of Part 2 of Division 4 of
Title 2 of the Government Code, and handled in the same manner as
money in the State Treasury. Any increment which is received from
that investment or reinvestment or deposit shall be remitted to the
commissioner for allocation, upon a proper and equitable basis, to
each estate participating in the investment, reinvestment, or deposit
and deposited and disbursed as provided in Section 1037. The
Treasurer may deduct from that remittance an amount equal to the
reasonable costs incurred in carrying out this section or may bill
the commissioner for those costs and the commissioner shall pay those
costs from money which is collected pursuant to this chapter.