BILL ANALYSIS                                                                                                                                                                                                    



                                                                       



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          |SENATE RULES COMMITTEE            |                  AB 1011|
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                                 THIRD READING


          Bill No:  AB 1011
          Author:   Jones (D)
          Amended:  8/24/10 in Senate
          Vote:     21

           
           SENATE BANKING, FINANCE, AND INS. COMMITTEE  :  8-2, 6/30/10
          AYES:  Calderon, Correa, Florez, Kehoe, Liu, Lowenthal,  
            Padilla, Price
          NOES:  Cogdill, Runner
          NO VOTE RECORDED:  Cox

           ASSEMBLY FLOOR  :  Not relevant


           SUBJECT  :    Insurance:  green investments

           SOURCE  :     Author


           DIGEST  :    This bill requires the Department of Insurance  
          to specifically collect data from insurers and to share it  
          on its Web site related to the aggregate amount of insurer  
          investments in green investments as part of their community  
          development and community development infrastructure.

           ANALYSIS  :    Existing law, until January 1, 2011, requires  
          each admitted insurer to provide information biennially to  
          the Insurance Commissioner on all of its community  
          development investments and community development  
          infrastructure investments, as defined, in California.  The  
          Insurance Commissioner and the Department of Insurance  
          (CDI) are required to provide certain information on these  
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          investments to the public, as specified. 

          This bill:

          1. Defines "green investments" as it pertains to community  
             investments and community development infrastructure  
             investments as investments that emphasize renewable  
             energy projects, economic development, and affordable  
             housing focused on infill sites so as to reduce the  
             degree of automobile dependency and promote the use and  
             reuse of existing urbanized lands supplied with  
             infrastructure for the purpose of accommodating new  
             growth and jobs.  "Green investments" also means  
             investments that can help communities grow through new  
             capital investment in the maintenance and rehabilitation  
             of existing infrastructure so that the reuse and  
             reinvention of city centers and existing transportation  
             corridors and community space, including projects  
             offering energy efficiency improvements and renewable  
             energy generation, including, but not limited to, solar  
             and wind power, mixed-use development, affordable  
             housing opportunities, multimodal transportation  
             systems, and transit-oriented development, can advance  
             economic development, jobs, and housing.

          2. Makes green investments eligible for the existing  
             California Community Development Financial Institution  
             $10 million tax credit.

          3. Adds "green investments" to existing law that requires  
             all insurers in California to make community development  
             and community development infrastructure investments.

          4. Requires CDI, as part of its biennial data call, to  
             collect community development investment data related to  
             green investments and to post the information on its  
             departmental Web site. 

          5. Contains double-jointing language with AB 41 (Solorio).

           FISCAL EFFECT  :    Appropriation:  No   Fiscal Com.:  Yes    
          Local:  No

           SUPPORT  :   (Verified  8/27/10)







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          Association of California Insurance Companies
          California League of Conservation Voters
          Environmental Defense Fund
          Personal Insurance Federation of California
          Sierra Club


          JJA:mw  8/27/10   Senate Floor Analyses 

                         SUPPORT/OPPOSITION:  SEE ABOVE

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