California Insurance Guarantee Association Bonds

The California Senate has passed SB 1242 by 34-0 to extend from Jan. 1, 2011, to Jan. 1, 2013, the sunset date on the authority of the California Insurance Guarantee Association (CIGA) to issue revenue bonds to pay workers' compensation claims. CIGA was established to provide coverage against losses arising from the failure of an insolvent property/casualty or workers' compensation insurer to discharge its obligations under its insurance policies.
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