AB 2128, as introduced, Gordon. Insurer investments: community development.
Existing law requires each admitted insurer to provide information by January 1, 2014, to the Insurance Commissioner on all of its community development investments and community development infrastructure investments, as defined, in California. The commissioner and the Department of Insurance are required to provide certain information on these investments to the public, as specified, by May 31, 2014, and biennally with regard to green investments. These provisions are to remain in effect only until January 1, 2015, and are repealed as of that date.
This bill would extend the repeal date to January 1, 2020.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 926.2 of the Insurance Code is amended
2to read:
(a) (1) Each insurer admitted in California shall provide
4information, by January 1, 2014, to the commissioner on all of its
P2 1community development investments and community development
2infrastructure investments in California. This information shall be
3provided as part of the required filing pursuant to Section 900 or
4Section 11131, or through a data call, or by other means as
5determined by the commissioner. COIN shall provide insurers
6with information on why investments, if any, were found not to
7be qualified by the commissioner.
8(2) Nothing in this subdivision shall preclude an insurer that is
9a member of an insurance holding company system, as defined in
10Article 4.7 (commencing with Section 1215) of Chapter 2, from
11complying with paragraph
(1) through a single filing on behalf of
12the entire group of affiliated companies, provided that the data so
13filed accurately reflects the investments made by each of the
14affiliates, and accurately attributes, by National Association of
15Insurance Commissioners (NAIC) number or other identifier
16required by the commissioner, which of the investments were made
17by each affiliated company.
18(3) begin deleteNothing in this end deletebegin insertThisend insertbegin insert end insertsubdivision shallbegin insert notend insert preclude an insurer
19from satisfying the requirements of paragraph (1) through a filing
20made by a community
development financial institution, provided
21all of the following conditions are met:
22(A) The insurer has no less than a 10 percent ownership interest
23in a COIN-certified community development financial institution.
24(B) The insurer makes community development investments
25and community development infrastructure investments in and
26through the community development financial institution.
27(C) The community development financial institution accurately
28files the information required by paragraph (1) with the
29commissioner on behalf of the insurer and accurately attributes,
30by NAIC number or other identifier required by the commissioner,
31which investments, including the dollar amounts of the investments,
32were made by each insurer on whose behalf the community
33development financial institution is reporting.
34(b) The commissioner shall, by May 31, 2014, provide
35information on the department’s Internet Web site on the aggregate
36insurer community development investments and community
37development infrastructure investments. Insurers that make
38investments that are innovative, responsive to community needs,
39not routinely provided by insurers, qualify as green investments,
40or have a high degree of positive impact on the economic welfare
P3 1of low- or moderate-income individuals, families, or communities
2in urban or rural California shall be identified.
3(c) The department shall also, by May 31, 2014, provide
4information on the department’s Internet Web site regarding the
5aggregate amount of California public debt (including all debt
6issued by the State of California or a California state or local
7government agency) purchased by insurers as reported to the
8department in their NAIC annual statement
filing pursuant to
9Section 900 or Section 11131.
10(d) The department shall also, by May 31, 2014, provide on its
11Internet Web site the aggregate amount of identified California
12investments, as reported to the NAIC in the annual statement filed
13pursuant to Section 900 or Section 11131.
14(e) The department shall also biennially provide information
15on its Internet Web site regarding the aggregate amount of
16identified California insurer investments in green investments.
17(f) This article shall remain in effect only until January 1,begin delete 2015,end delete
18begin insert 2020,end insert and as of that date is repealed, unless a later enacted statute,
19that is enacted before
January 1,begin delete 2015,end deletebegin insert 2020,end insert deletes or extends
20that date.
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