All taxes, interest, and penalties collected under this part shall be transmitted to the State Treasurer to be deposited in the State Treasury to the credit of the Insurance Tax Fund, which is hereby created. Upon transmitting moneys to the State Treasurer, the commissioner shall furnish the Controller with a record of the amounts transmitted and the insurers from whom the moneys have been received.
Insurance TaxationDisposition of Proceeds
Section § 13151
This law says that all collected taxes, interest, and penalties related to insurance are sent to the State Treasurer. These amounts are deposited into a special fund called the Insurance Tax Fund. Additionally, when the money is sent, a record of the amounts and the insurers it came from must be given to the Controller.
insurance taxes Insurance Tax Fund tax penalties
Section § 13152
This law specifies that the money in the Insurance Tax Fund can only be used in two ways: either to issue refunds as ordered by the Controller or to be moved to the State's General Fund.
The money in the Insurance Tax Fund shall, upon order of the Controller, be drawn therefrom for refunds under this part or be transferred to the General Fund of the State.
Insurance Tax Fund refunds Controller's order
Section § 13153
This law requires the State Compensation Insurance Fund to make a payment to the State Treasury for the Insurance Tax Fund by April 1 each year. The amount to be paid is determined by a different section, Section 12203.
On or before April 1, the State Compensation Insurance Fund shall pay into the State Treasury to the credit of the Insurance Tax Fund the sum required under Section 12203.
State Compensation Insurance Fund Insurance Tax Fund State Treasury payment
