The group of insurance companies entered into such reinsurance and assumption agreement with the Commissioner in his capacities both as Commissioner and as conservator of Interstate Indemnity Company. They pointed to the finding of the Commissioner that the amount of the bond required of Interstate was $363,272 and asserted that Interstate, or its successors, the conservator, or liquidator, were obligated under Insurance Code sections 11699 et seq. The court approved the report and account and authorized payment of the dividend to the general creditors of Interstate as prayed. In doing so, however, he could not relieve the assets of Interstate from being impressed with the preferred liens of such claimants. [7] The conservator and liquidator, as successor to the obligations of Interstate, remained obligated to the workmen's compensation claimants under the compensation policies issued by Interstate, and any funds accruing to the accounts [219 Cal. App. 2d 816] of Interstate were chargeable with such preferred claims.

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