Insurance: California Organized Investment Network.

Until January 1, 2020, existing law requires an admitted insurer with annual premiums written in California equal to or in excess of $100,000,000 to provide information to the Insurance Commissioner by July 1, 2016, on all of its community development investments, including investments through California Organized Investment Network (COIN) -certified community development financial institutions, community development infrastructure investments, and green investments, in California for the 2013, 2014, and 2015 calendar years. Existing law requires the commissioner, by December 31, 2016, to provide specified information on the Department of Insurance's internet website. This bill would extend the operation of those provisions until January 1, 2024, and would require an admitted insurer with annual premiums written in California equal to or in excess of $100,000,000 to provide investment information for the 2016, 2017, 2018, 2019, and 2020 calendar years to the commissioner by July 1, 2021. The bill would require the commissioner to provide specified information on the department's internet website by December 31, 2021, for the 2016, 2017, 2018, 2019, and 2020 calendar years. Existing law, until January 1, 2020, authorizes the commissioner to establish and appoint a 12-member California Organized Investment Network Advisory Board to advise COIN on the best methods to increase the level of insurance industry investments, while providing fair returns to investors and social benefits to underserved communities. This bill would extend the operation of that provision until January 1, 2029, expand the board's duties to include advising COIN regarding social and economic benefits to underserved and low-to-moderate-income communities, as well as environmental benefits, add a representative with experience seeking investments that provide environmental benefits to the board, and require the board to elect a vice chair.