BILL ANALYSIS                                                                                                                                                                                                    



                                                                  AB 1011
                                                                  Page  1

          CONCURRENCE IN SENATE AMENDMENTS
          AB 1011 (Jones)
          As Amended  August 24, 2010
          Majority vote
           
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          |ASSEMBLY:  |     |(June 2, 2009)  |SENATE: |23-14|August 30,     |
          |           |     |                |        |     |2010           |
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               (vote not relevant)

          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  : 

          1)Defines "community development investment" for purposes of  
            categorizing investments by insurers in low- and  
            moderate-income communities.









                                                                  AB 1011
                                                                  Page  2

          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) 319-2086

                                                              FN:  0006849