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.
Cal. Fin. Code § 620
Conservation or Liquidation of an Insured Licensee
Applied in 1 court decision — leading case Federal Deposit Insurance Corp. v. BancInsure, Inc. (2017)
Most recently applied in Federal Deposit Insurance Corp. v. BancInsure, Inc. (January 2017)
Amended by Stats. 2015, Ch. 190, Sec. 29
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.