COIN is a collaborative effort between the California Department of Insurance, the insurance industry, community affordable housing and economic development organizations, and community advocates.  COIN was established in 1996 at the request of the insurance industry as an alternative to state legislation that would have required insurance companies to invest in underserved communities, similar to the federal Community Reinvestment Act (CRA) that applies to the banking industry.  This voluntary program facilitates insurance industry investments that provide solid returns to investors and economic and social benefits to California's underserved urban and rural communities.  The following links provide additional details about COIN's investment programs.
  

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New insurer investment opportunity 

• Craton Equity Investors II, LP
• The California Healthy Food Financing Initiative Fund
  

 

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I. THE COIN INSURER COMMUNITY DEVELOPMENT INVESTMENT PROGRAM

Community Development Policy Statements:

California Insurance Code Section 926.3 (b) requires each admitted California insurer that writes California premiums equal to or in excess of $100 million 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 these investments during the current and following calendar year.

• Suggested content of Insurer Policy Statements (2/28/2011)
• Insurer Community Development Investment Policy Statements (08/31/2011)
• Insurers that HAVE NOT filed a Policy Statement (08/31/2011)
• News Release (8/31/2011) - Community Development Investment Policy Statements

For Insurers: 

Invest in high impact community development investments and help California's underserved communities. These investment proposals satisfy principals of a safe, sound and solvent investment offering an acceptable financial return while either benefiting low-income and rural communities or adding value to the supply of capital to low-income and rural markets and products. Information about what types of COIN qualified investments are being proposed by community organizations.

• Search for Investment Opportunity Bulletins
• View Closed Investment Opportunity Bulletins
• Investment Opportunity Bulletin Application Procedures and Guidelines

 

For Community Development Organizations: 

Pursuant to California Insurance Code Section 926.2, insurers admitted to do business in California are required to report the community development investments they made in California. Below are links to view the key findings report from the Community Investment Survey 2009 data call, Insurer Investment search database, and additional investment analysis reports.

• Community Investment Survey Key Findings 2009 Data Call Results
• Search for Insurers as Community Development Investors
• View Reports of Insurers' COIN-Qualifying Investments 
• Insurers That HAVE NOT Invested (08/16/2011)

 

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• II. CA COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFI) TAX CREDIT PROGRAM - No Tax Credits Available

Each year, the Department of Insurance allocates $2 million in tax credits to support $10 million in community development investments.  Under the program, investors receive a tax credit worth 20 percent of their investment in one of the COIN certified CDFIs and can apply the credit to the state personal income tax, corporation tax or insurer premium tax.

• The CA CDFI Tax Credit Program Description and Application Guidelines
• List of Currently Certified CA CDFIs
• View CA CDFI Tax Credit Investments 
• CDFI Annual Report details projects actually funded with the COIN CDFI Tax Credit Program
• CDFI Application for Certification

 

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• COIN's Resources and Links
• COIN Staff

Contact COIN:
California Department of Insurance
California Organized Investment Network
300 Capitol Mall, 16th Floor
Sacramento CA, 95814
(916) 492-3525
(916) 323-1944  FAX