The community investment policies of the state’s top 206 insurance companies are now available on the California Department of Insurance website.
“By knowing what types of investments California insurers plan to make, as well as their decision process on making investments, community organizations seeking investments can target their pitch to the right people at the right insurance companies,” Insurance Commissioner Dave Jones said in a statement announcing the move on Friday.
The 206 insurers were required by statue to file policy statements. Insurers with formal community development policies are more likely to make community development investments, according to CDI.
Insurers provided specific information on their community investment policies, specific goals, and contact information for insurer investment staff, according to CDI.
One large California insurer has historically invested in local communities through small community banks and low-income housing developments, and the carrier plans to continue to evaluate opportunities for similar investments that are aligned with these principles, according to the website.
The website enables visitors to type on a carrier’s name, its NAIC company number or group or NAIC group number and get a carrier on this list.
California law provides that insurance companies that write a substantial amount of insurance in California should be encouraged to invest in prudent community development projects that benefit low-to-moderate income and rural communities.
In 2010 Assembly Bill 41 passed requiring each insurer that collects more than $100 million in premiums from Californians to file a policy statement detailing that company’s goals for community development and infrastructure investments in underserved communities. This policy statement should also include a statement of investment principle or guidelines related to the determination of investment decisions.