BILL ANALYSIS AB 1011 Page 1 CONCURRENCE IN SENATE AMENDMENTS AB 1011 (Jones) As Amended August 24, 2010 Majority vote ---------------------------------------------------------------------- |ASSEMBLY: | |(June 2, 2009) |SENATE: |23-14|(August 30, 2010) | | | | | | | | ---------------------------------------------------------------------- ------------------------------------------------------------------------ |COMMITTEE VOTE: |7-3 |(August 31, 2010) |RECOMMENDATION: |concur | | | | | | | ------------------------------------------------------------------------ Original Committee Reference: INS. SUMMARY : Adopts "green investment" principles for insurers with respect to the existing Community Development Investment program at the Department of Insurance (DOI). The Senate amendments delete the Assembly version of the bill, and instead: 1)Adopt legislative findings and declarations to the effect that climate change is going to have substantial impacts on many industries, including insurance, and that insurer investment in low- and moderate-income communities in "green investments" can help these communities effectively respond to the impacts that climate change will cause. 2)Defines "green investments" as investments in low- and moderate-income communities that emphasize renewable energy, economic development, and affordable housing on infill sites, as well as investments that promote the reuse and rehabilitation of city centers including solar and wind power, multimodal transportation systems, transit-oriented development that advance economic development, housing and jobs. 3)Requires the DOI to post on its Internet Web site data related to insurers' green investments. EXISTING LAW : AB 1011 Page 2 1)Defines "community development investment" for purposes of categorizing investments by insurers in low- and moderate-income communities. 2)Encourages insurers licensed in California to make community development investments. 3)Requires the Insurance Commissioner to publish on the DOI Web site information concerning insurers' community development investments. AS PASSED BY THE ASSEMBLY this bill required the Office of Health Information Integrity to report certain information to the appropriate Committees of the Legislature. FISCAL EFFECT : Undetermined but probably minor impact on DOI to post the investment information on its Internet Web site. Analysis Prepared by : Mark Rakich / INS. / (916) 319-2086FN: 0006891