California’s COIN Program Generates “Tens of Millions” in Community Funds

California Insurance Commissioner Dave Jones on Thursday paid homage to the insurance industry for “tens of millions” of charitable dollars that came from the insurance industry as part of the California Organized Investment Network.

Jones made his remarks at the COIN summit in Sacramento, which was also broadcast to the media via conference call.

Each year the California Department of Insurance allocates $10 million in tax credits to support $50 million in community development investments.

Under the program the investors earn a tax credit worth 20 percent of their investment, which can be applied to their state personal income tax, corporation tax or insurer premium tax.

California Insurance Commissioner Dave Jones
California Insurance Commissioner Dave Jones

Jones noted that many of the investments were in low income communities and would help create more jobs, affordable housing, community centers, schools, health clinics and generate revitalization of neighborhoods and communities.

In total there were 14 projects funded through the state’s COIN program.

“The department has approved the first round of tax credit investments,” Jones said, before rambling off a list of large investments from insurers and their beneficiaries.

He called out two insurers for particularly large investments.

The California State Automobile Association Insurance Group and MetLife Insurance Co. totaled $15.3 million in community investments through the COIN program in the first half of 2015.

CSAA’s investments:

MetLife’s investments:

“The department’s tax credit program encourages insurance company investment in our communities, which helps create more jobs, more affordable housing and funds other projects that improves the quality of life in communities and neighborhoods throughout the state,” Jones said.

For the next round of funding for the year there is $9.3 available to support $46.5 million in private investments.

The second round is scheduled to run from Aug. 3 through Oct. 2.