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News: 2011 Press Release
For Release: August 31, 2011
Media Calls Only: 916-492-3566
Commissioner Jones And Assembly Member Jose Solorio Announce Community Investment Policies Of Top Insurance Companies Available Online
Most Insurers Complied With New Law
Insurance Commissioner Dave Jones and Assembly Member Jose Solorio today announced that the community investment policies of the top insurance companies are now available on the California Department of Insurance web site.
"I am pleased that the Department can offer this service to interested groups and individuals across the state," said Commissioner Jones. "If they know where and what types of investments the company wants to make, as well as how those decisions are made, they can tailor their community investment proposals to the right people at the right insurance companies."
In 2010 Assembly Insurance Committee Chair Jose Solorio authored AB 41, requiring each insurer that collects more than $100 million in premiums from Californians to file a policy statement detailing that company's goals for community development and infrastructure Investments in underserved communities.
"My bill provided that it is the policy of our state that insurance companies that write a substantial amount of insurance in California should be encouraged to invest in prudent development projects that benefit low and moderate-income communities," Assembly Member Solorio said.
Of the 203 insurers that were required to file policy statements, 199 complied with the new law. Four failed to submit reports so Commissioner Jones is sending their CEO's a letter asking them to do so. Sixty-seven other companies voluntarily filed statements even though they weren't required to.
A list of the companies that filed, along with their policies statements, and those that didn't file, are available on the Department web site at www.insurance.ca.gov/COIN.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2012 the California Department of Insurance received more than 160,000 calls from consumers and helped recover over $64 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Out-of-state callers, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
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