The Legislature finds and declares all of the following:
(a) It is in the interest of all Californians that there is a strong and viable insurance market.
(b) It is the policy of this state that insurers should be supportive of investments that promote social, economic, and environmental benefits.
(c) This article shall establish the California Organized Investment Network (COIN) within the department.
(d) COIN has the responsibility to pursue active measures to encourage insurers to make investments that promote social, economic, and environmental benefits.
(e) COIN shall pursue active measures to encourage insurers to make investments, as defined in this article, including, but not limited to, creating and identifying potential investment opportunities, including the development of investment opportunity bulletins and marketing and outreach efforts. This information shall be published on the department’s internet website in investment opportunity bulletins. These opportunity bulletins help finance projects that address the state’s critical needs, particularly in underserved, low-to-moderate-income, and rural communities, as well as environmental needs.
(Added by Stats. 2019, Ch. 186, Sec. 1. (AB 1099) Effective January 1, 2020.)