(a) The commissioner may establish and appoint a California Organized Investment Network Advisory Board.
(b) For purposes of this section, all of the following shall apply:
(1) “Commissioner” means the Insurance Commissioner of this state.
(2) “Board” means the California Organized Investment Network Advisory Board.
(3) “Licensed attorney” means an attorney who resides in this state who has successfully passed the California bar examination and has been admitted to practice in this state or has otherwise been licensed to practice law in this state by the State Bar of California.
(c) The board shall include the commissioner, or the commissioner’s designee, three executives in the insurance investment industry, and one volunteer from each of the following categories:
(1) A licensed attorney practicing insurance law.
(2) A member of the public, appointed by the Speaker of the Assembly.
(3) A member of the public, appointed by the Senate Committee on Rules.
(4) A member of a consumer advocacy group.
(5) An affordable housing practitioner.
(6) A local economic development practitioner.
(7) A member of a financial institution or a community development financial institution.
(8) A representative with experience seeking investments for underserved or low-to-moderate-income or rural communities.
(9) A representative with experience seeking investments that provide environmental benefits.
(d) The board shall elect, from among its members, a chair and vice chair.
(e) The term of each member shall be for two years.
(f) The board shall have all of the following powers and duties:
(1) To advise the California Organized Investment Network, or its successor, on the best methods to increase the level of insurance industry capital in safe and sound investments while providing fair returns to investors and social or economic benefits to underserved and low-to-moderate-income communities, as well as environmental benefits.
(2) To meet a minimum of three or more times per year, or as deemed necessary by the commissioner.
(3) To facilitate contacts among executives at insurance companies, community-based organizations, and community development financial institutions.
(4) To recommend programmatic guidelines, but not specific allocations of the tax credit amount, to the California Organized Investment Network program.
(g) The members of the board shall not receive compensation from the state for their services under this section, but, when called to attend a meeting of the board, may be reimbursed for their actual and necessary expenses incurred in connection with the meeting.
(h) This section shall remain in effect only until January 1, 2029, and as of that date is repealed.
(Amended by Stats. 2019, Ch. 186, Sec. 4. (AB 1099) Effective January 1, 2020. Repealed as of January 1, 2029, by its own provisions.)