Earlier today, 18 prominent California nonprofits called on the Personal Insurance Federation of California to support transparency in a key insurance reinvestment program- the California Organized Investment Network.
Similar to the Community Reinvestment Act for banks, COIN is an avenue for insurance companies (who collect over $250 billion in premiums from California consumers every year) to invest in California communities- especially low income communities.
COIN was created in 1996 as an alternative to legislation that would have mandated a CRA type requirement on insurance companies. However, the program is set to expire in January 2017.
AB 2728, (Atkins) would reauthorize COIN, however, the current version of the bill doesn’t include the “data call” which is the mechanism requiring insurers to report on their investments in California communities (or lack thereof).
In response, 18 organizations sent a letter to Speaker Emeritus Atkins, urging her to include the data call in AB 2728.
You can read more about COIN and the data call here: Nonprofit Leaders Call on Insurance Lobbying Group to Support Transparency in COIN Reinvestment Program‘
You can also read an OpEd about COIN and the importance of the data call here: Insurance Industry Happy to Receive, But Not to Give