Governor Signs Calderon Bill Requiring Insurers to Report Qualifying Investments through the California Organized Investment Network (COIN) Data Call
SACRAMENTO, CA – Assembly Bill 1099, a measure authored by Majority Leader Ian Calderon (D-Whittier) and supported by the Department of Insurance, was signed into law by Governor Newsom. AB 1099 renews the California Organized Investment Network (COIN) data call to require insurers report qualifying investments for calendar years 2016 through 2020 and extends the sunset date on the COIN’s advisory board to 2029.
“The COIN program serves as a key model for boosting the economy of our local communities. Californians thrive when investments are made directly in their communities,” stated Majority Leader Calderon. “AB 1099 will provide invaluable information about insurance industry investments that help our environment and underserved communities.”
COIN is a collaborative effort between the California Department of Insurance (CDI), the insurance industry, community affordable housing and economic development organizations, and community advocates. The program was established in 1996 to facilitate investments in economic development and affordable housing in low-income urban and rural communities throughout California, as well as environmentally friendly projects.
In order to track and report COIN-qualified investments, the program issues a “data call” that requires insurance companies operating in California with over $100 million in direct written premium to report their qualified investments. Investments are voluntary, but reporting is required. Reported investments are submitted, evaluated by COIN, and the aggregate results reported on CDI's website.
“COIN investments have consistently increased and more than tripled from $6.6 billion at the beginning of 2011 to $21.85 billion at the end of 2015,” said Insurance Commissioner Ricardo Lara. “AB 1099 will allow this important program at the Department to continue its mission in investing into California’s underserved communities and helping the economic development of the state. Thank you to Governor Newsom and Assemblymember Calderon for championing this program.”
The program’s data call will fill in the missing information from prior years and provide insight into insurers recent investment trends and expand the types of qualifying investments to include those made in rural communities, reservation-based communities managed by a Native American Tribe, water and waste management projects and sustainable agriculture.
Contact: Tom White (916) 319-2057