Insurance: green investments.

Existing law requires each admitted insurer to provide information biennially 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. These provisions are to remain in effect only until January 1, 2011, and are repealed as of that date. This bill would make findings and declarations relating to California's role in greenhouse gas reduction, and would include green investments, as defined, as community development investments. The bill would require the commissioner, on the department's Internet Web site, to biennially identify those insurers that make investments that qualify as green investments and the aggregate amount of identified insurer investments in green investments. The bill would extend the date for repealing those provisions to January 1, 2015. The bill would make changes to findings and declarations relating to specialized financial institutions and tax incentives for their capitalization. The bill would incorporate additional changes to Section 926.2 of the Insurance Code, proposed by AB 41 of the 2009–10 Regular Session, to be operative only if both bills are chaptered and become effective on or before January 1, 2011, and this bill is chaptered last.