Section 12936 Of Article 1. Generally From California Insurance Code >> Division 3. >> Chapter 2. >> Article 1.
12936
. (a) (1) Escheated funds deposited in the Insurance Fund
pursuant to subdivision (a) of Section 1523 of the Code of Civil
Procedure shall be transferred to the General Fund on June 30, 1998,
to repay the principal and interest on the General Fund loan provided
pursuant to Item 0845-001-0001 of the Budget Act of 1996, and such
funds are hereby continuously appropriated for that purpose.
(2) If the Director of Finance determines that funds subject to
escheat for the 1997-98 fiscal year are insufficient to repay the
General Fund loan plus the interest owed, funds subject to escheat in
the 1998-99 fiscal year, up to the amount necessary to repay the
General Fund loan plus the interest owed, shall be available for
expenditure by the commissioner to repay the principal and interest
on the General Fund loan. Notwithstanding the loan repayment date
specified in Item 0845-001-0001 of the Budget Act of 1996, such a
determination by the Director of Finance shall trigger an extension
of the loan repayment date to June 30, 1999.
(b) A policyholder who was entitled to a rebate pursuant to
settlement or order of the commissioner and who has not received the
escheated rebate may submit a claim to the Controller. The Controller
shall pay the claim from among the Proposition 103 refunds that have
escheated to the state and been deposited in the Unclaimed Property
Fund upon verification that the claim is valid.