BILL ANALYSIS ------------------------------------------------------------ |SENATE RULES COMMITTEE | AB 1011| |Office of Senate Floor Analyses | | |1020 N Street, Suite 524 | | |(916) 651-1520 Fax: (916) | | |327-4478 | | ------------------------------------------------------------ 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 CONTINUED AB 1011 Page 2 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) AB 1011 Page 3 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 **** END ****