California Insurance Commissioner Harry W. Low has called on insurance companies doing business in California to invest in low-income communities. Low also asked insurance companies to establish an annual community investment goal.
In a letter to the chief executive officers of some 1,500 insurance companies doing business in California, Low said he believes that all insurance companies can and should make some form of community investment.
The California Department of Insurance administers the California Organized Investment Network (COIN), a program encouraging insurance companies to make community development investments. This voluntary program was established in 1996, at the request of the insurance industry, as an alternative to state legislation that would have required insurance companies to invest in low-income urban and rural communities, similar to the federal Community Reinvestment Act (CRA) that applies to the banking industry.
Low pointed out that less than 10 percent of the insurance companies doing business in California are making community investments.
Topics California Carriers
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