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 ****