Insurance: community development 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 These provisions are to remain in effect only until January 1, 2011, and are repealed as of that date.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 instead require each admitted insurer to provide information, by January 1, 2014, to the commissioner on all of its community development investments and community development infrastructure investments. The bill would also require that the information the commissioner and the department are required to provide to the public on these investments be provided by May 31, 2014. This bill would extend the date for repealing those provisions to January 1, 2015, and would state that certain insurers could meet the filing requirements relating to community development investments and community development infrastructure investments through a specified filing. This bill would also require certain insurers to develop and file with the commissioner, no later than July 1, 2011, a community development investment and community development infrastructure investment policy statement 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 bill would require the commissioner to establish a link on the department's Internet Web site providing public access to each insurer's community development investment and community development infrastructure investment information, as specified. This bill would delete obsolete provisions. The bill would incorporate additional changes to Section 926.2 of the Insurance Code, proposed by AB 1011 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.