(a)Each insurer admitted in California shall provide information biennially to the commissioner on all its Community Development Investments and Community Development Infrastructure Investments in California. This information shall be provided as part of the required filing pursuant to Section 900 or Section 11131, or through a data call, or by other means as determined by the commissioner. COIN shall provide insurers with information on why investments, if any, were found not to be qualified by the commissioner.
(b)The commissioner shall biennially provide information on the department's Internet Web site on the aggregate insurer Community Development Investments and Community Development Infrastructure Investments. Insurers that make investments that are innovative, responsive to community needs, not routinely provided by insurers, or have a high degree of positive impact on the economic welfare of low-income or moderate-income individuals, families, or communities in urban or rural California shall be identified.
(c)The department shall also biennially provide information on the department's Internet Web site regarding the aggregate amount of California public debt (including all debt issued by the State of California or a California State or local government agency) purchased by insurers as reported to the department in their National Association of Insurance Commissioners (NAIC) annual statement filing pursuant to Section 900 or Section 11131.
(d)The department shall also biennially provide on its Internet Web site the aggregate amount of identified California investments, as reported to the NAIC in the annual statement filed pursuant to Section 900 or Section 11131.
(e)The first report under this article shall be filed with the commissioner by May 31, 2007.
(f)Insurers that did not comply with the voluntary community investment data call issued by the commissioner in May 2005 shall provide the information requested therein to the commissioner on or before February 28, 2007.
(g)This article shall remain in effect only until January 1, 2011, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2011, deletes or extends that date.
(h)Nothing in this article shall limit the authority of the commissioner to ask for data concerning community development investments on a voluntary basis on or after January 1, 2010, if this article is not extended.