Reform legislation signed to improve insurance community investment program
News: 2014 Press Release
SACRAMENTO, Calif. - AB 2128 (Gordon), which reforms the California Organized Investment Network (COIN) Program, was signed into law today. This bill sponsored by Insurance Commissioner Dave Jones, reforms the COIN program to better focus on finding and facilitating insurance industry investments that provide economic and social benefits to California's underserved communities.
"Under the new law COIN will retain important checks and balances related to reviewing and validating investments from the largest 200 plus insurers while increasing its ability to market high-impact investments," said Commissioner Jones. "COIN serves as an important liaison between insurers seeking investment opportunities and community organizations seeking investment capital. I would like to thank Governor Brown for signing AB 2128 and Assembly member Gordon for authoring it."
The new law requires insurers who write $100 million or more in California premium to provide information to the commissioner, by July 1, 2016, on all of its community development investments, including infrastructure and green investments made from 2013 through 2015. The law also requires COIN to report on its website the insurer data collected and its outreach efforts related to marketing high-impact investment opportunities to the insurance industry and advising insurers on investments benefitting California's underserved communities. AB 2128 also streamlines reporting requirements.
Created in 1996, COIN, is a public/private partnership between CDI, the insurance industry, state government leaders, and community development organizations to help address unmet capital needs in low-income communities by encouraging insurer investments in these communities. The program also certifies tax credits for some of these investments through its Community Development Financial Institution Tax Credit and Certification Program.
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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.