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. Thereafter, each insurer would be 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. The initial policy statement filed with the commissioner shall satisfy the requirement of this subdivision if the insurer's policy statement has not changed.
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