California Insurance Code 926 – The Legislature finds and declares all of the following:(a) It …
The Legislature finds and declares all of the following:
(a) It is in the interest of all Californians that there is a strong and viable insurance market.
Terms Used In California Insurance Code 926
- Diverse investment managers: means investment management organizations, including corporations, groups, and persons within corporations, partnerships, limited liability corporations, and other special purpose vehicles that are either located in, or actively make and hold investments in, California and whose investment managers are composed of at least 51 percent women, veterans, minorities, or lesbian, gay, bisexual, transgender, or queer persons, or a combination of persons in those groups. See California Insurance Code 926.1
- Investment: means a lawful equity or debt investment, or loan, or deposit obligation, or other investment or investment transaction allowed by the Insurance Code. See California Insurance Code 926.1
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
(b) It is the policy of this state that insurers should be supportive of investments that promote social, economic, and environmental benefits, and should consider making these investments with an emphasis on using diverse investment managers to the extent possible.
(c) This article shall establish the California Organized Investment Network (COIN) within the department.
(d) COIN has the responsibility to pursue active measures to encourage insurers to make investments that promote social, economic, and environmental benefits.
(e) COIN shall pursue active measures to encourage insurers to make investments, as defined in this article, including, but not limited to, creating and identifying potential investment opportunities, including the development of investment opportunity bulletins and marketing and outreach efforts. This information shall be published on the department’s internet website in investment opportunity bulletins. These opportunity bulletins help finance projects that address the state’s critical needs, particularly in underserved, low-to-moderate-income, and rural communities, as well as environmental needs.
(Amended by Stats. 2021, Ch. 390, Sec. 1. (SB 655) Effective January 1, 2022.)