Bill Text: CA AB2128 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Insurer investments: community development.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-09-17 - Chaptered by Secretary of State - Chapter 384, Statutes of 2014. [AB2128 Detail]

Download: California-2013-AB2128-Introduced.html

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BILL NUMBER: AB 2128	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Gordon

                        FEBRUARY 20, 2014

   An act to amend Section 926.2 of the Insurance Code, relating to
insurer investments.


	LEGISLATIVE COUNSEL'S DIGEST


   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and are repealed as of that date.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 1.  Section 926.2 of the Insurance Code is amended to read:

   926.2.  (a) (1) Each insurer admitted in California shall provide
information, by January 1, 2014, to the commissioner on all of its
community development investments and community development
infrastructure investments in California. This information shall be
provided as part of the required filing pursuant to Section 900 or
Section 11131, or through a data call, or by other means as
determined by the commissioner. COIN shall provide insurers with
information on why investments, if any, were found not to be
qualified by the commissioner.
   (2) Nothing in this subdivision shall preclude an insurer that is
a member of an insurance holding company system, as defined in
Article 4.7 (commencing with Section 1215) of Chapter 2, from
complying with paragraph (1) through a single filing on behalf of the
entire group of affiliated companies, provided that the data so
filed accurately reflects the investments made by each of the
affiliates, and accurately attributes, by National Association of
Insurance Commissioners (NAIC) number or other identifier required by
the commissioner, which of the investments were made by each
affiliated company.
   (3)  Nothing in this   This   
subdivision shall  not  preclude an insurer from satisfying
the requirements of paragraph (1) through a filing made by a
community development financial institution, provided all of the
following conditions are met:
   (A) The insurer has no less than a 10 percent ownership interest
in a COIN-certified community development financial institution.
   (B) The insurer makes community development investments and
community development infrastructure investments in and through the
community development financial institution.
   (C) The community development financial institution accurately
files the information required by paragraph (1) with the commissioner
on behalf of the insurer and accurately attributes, by NAIC number
or other identifier required by the commissioner, which investments,
including the dollar amounts of the investments, were made by each
insurer on whose behalf the community development financial
institution is reporting.
   (b) The commissioner shall, by May 31, 2014, provide information
on the department's Internet Web site on the aggregate insurer
community development investments and community development
infrastructure investments. Insurers that make investments that are
innovative, responsive to community needs, not routinely provided by
insurers, qualify as green investments, or have a high degree of
positive impact on the economic welfare of low- or moderate-income
individuals, families, or communities in urban or rural California
shall be identified.
   (c) The department shall also, by May 31, 2014, provide
information on the department's Internet Web site regarding the
aggregate amount of California public debt (including all debt issued
by the State of California or a California state or local government
agency) purchased by insurers as reported to the department in their
NAIC annual statement filing pursuant to Section 900 or Section
11131.
   (d) The department shall also, by May 31, 2014, provide on its
Internet Web site the aggregate amount of identified California
investments, as reported to the NAIC in the annual statement filed
pursuant to Section 900 or Section 11131.
   (e) The department shall also biennially provide information on
its Internet Web site regarding the aggregate amount of identified
California insurer investments in green investments.
   (f) This article shall remain in effect only until January 1,
 2015,   2020,  and as of that date is
repealed, unless a later enacted statute, that is enacted before
January 1,  2015,   2020,  deletes or
extends that date.