AB 2128 — Insurer investments: community development.

Summary

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 in California. Community development investments are investments where all or a portion of the investment has as its primary purpose community development for, or that directly benefits, California low- or moderate-income individuals, families, or communities, and includes, but is not limited to, investments in California in or through the California Organized Investment Network (COIN) -certified community development financial institutions (CDFIs) and investments made pursuant to the requirements of federal, state, or local community development investment programs or community development investment tax incentive programs, including green investments, if these investments directly benefit low- or moderate-income individuals, families, and communities and are consistent with applicable provisions. The commissioner and the Department of Insurance are required to provide certain information on community development investments and community development infrastructure investments to the public on the department's Internet Web site, as specified, by May 31, 2014, and biennially 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 These provisions are to remain in effect only until January 1, 2015, and are repealed as of that date.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 revise and recast these provisions by instead requiring each admitted insurer with annual premiums written in California equal to or in excess of $100,000,000 for any reporting year to provide information to the commissioner on all of its community development investments, community development infrastructure investments, and green investments in California. The bill would require the information be reported by July 1, 2016, as provided. The bill would revise the information that the commissioner and the department are required to provide on the department's Internet Web site by, among other things, including information on the actions taken by COIN to analyze the data by insurers for the purpose of creating and identifying potential investment opportunities, as specified. The bill would extend the department's Internet Web site publication date from May 31, 2014, to December 31, 2016, and would delete the biennial publication requirement for green investments and instead require a publication deadline of December 31, 2016. The bill would also extend the repeal date to January 1, 2020. Existing law requires each insurer admitted in California that writes premium in California equal to or in excess of $100,000,000 annually to develop, and file with the commissioner no later than July 1, 2011, a policy statement on community development investments and community development infrastructure investments that expresses the insurer's goals for those investments during the filing year and following calendar year. Thereafter, each insurer that these provisions apply to is required to biennially review its policy statement, and, if the insurer revises or changes its policy statement, submit the new policy statement to the commissioner no later than July 1 of each odd-numbered year. This bill would delete the provisions requiring a biennial review by each insurer of its policy statement and the submission of a new policy statement if there is a revision or change. Existing law requires the department, COIN, or any successor thereof, to require the CDFIs receiving specified tax credit investments to submit reports to the department, COIN, or any successor thereof, on their use of the program. Existing law authorizes the commissioner to establish and appoint a California Organized Investment Network Advisory Board. The term of each board member is 2 years and is staggered as provided. The board has certain powers and duties, including, but not limited to, advising COIN, or any successor thereof, on the best methods to increase the level of insurance industry capital in safe and sound investments while providing fair returns to investors and social benefits to underserved communities, meeting quarterly or as deemed necessary by the commissioner, and recommending programmatic guidelines, but not specific allocations of the tax credit amount, to the COIN program. The provisions regarding the board are in effect only until December 1, 2015, and are repealed as of that date. This bill would delete the board members' staggered terms requirement. The bill would delete the quarterly meeting requirement, and would instead require a minimum of 3 or more meetings per year. The bill would also extend the repeal date to January 1, 2020.

Bill Text

• Chaptered 09/17/14 - Chaptered Current pdf September 17, 2014
• Enrolled 08/20/14 - Enrolled pdf August 20, 2014
• Amended 08/04/14 - Amended Senate pdf August 04, 2014
• Amended 07/01/14 - Amended Senate pdf July 01, 2014
• Amended 03/19/14 - Amended Assembly pdf March 19, 2014
• Introduced 02/20/14 - Introduced pdf February 20, 2014
• AB2128 View text html

Action History

1. September 17, 2014

   Chaptered by Secretary of State - Chapter 384, Statutes of 2014.

2. September 17, 2014

   Approved by the Governor.

3. August 27, 2014

   Enrolled and presented to the Governor at 3 p.m.

4. August 18, 2014

   Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 54. Noes 24. Page 6101.).

5. August 13, 2014

   In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 15 pursuant to Assembly Rule 77.

6. August 13, 2014

   Read third time. Passed. Ordered to the Assembly. (Ayes 25. Noes 11. Page 4462.).

7. August 12, 2014

   Read second time. Ordered to third reading.

8. August 11, 2014

   From committee: Do pass. (Ayes 5. Noes 2.) (August 11).

9. August 04, 2014

   From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.

10. August 04, 2014

    In committee: Hearing postponed by committee.

11. July 01, 2014

    Read second time and amended. Re-referred to Com. on APPR.

12. June 30, 2014

    From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 2.) (June 25).

13. May 08, 2014

    Referred to Com. on INS.

14. April 21, 2014

    In Senate. Read first time. To Com. on RLS. for assignment.

15. April 21, 2014

    Read third time. Passed. Ordered to the Senate. (Ayes 55. Noes 22. Page 4474.)

16. April 10, 2014

    Read second time. Ordered to third reading.

17. April 09, 2014

    From committee: Do pass. (Ayes 12. Noes 5.) (April 9).

18. April 02, 2014

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 3.) (April 2). Re-referred to Com. on APPR.

19. March 20, 2014

    Re-referred to Com. on INS.

20. March 19, 2014

    From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.

21. March 06, 2014

    Referred to Com. on INS.

22. February 21, 2014

    From printer. May be heard in committee March 23.

23. February 20, 2014

    Read first time. To print.

Sponsors

• Gordon · Primary

Votes

Subjects