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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|COMMITTEE VOTE: |7-3 |(August 31, 2010) |RECOMMENDATION: |concur |
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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
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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