Legislative action has occurred on California Assembly Bill 925. The bill would require insurers to report biannually to the insurance commissioner their community development investments.
When it was initially introduced, AB 925 would have required insurers to invest 1 percent of their premium in California community development investments targeting low and moderate-income areas of California.
AB 925 was heard in Assembly Insurance Committee on Jan.11 and substantially amended to its current form.The bill passed the committee by a vote of 13-4. The bill now is before the full Assembly.
The Association of California Insurance Companies says it opposes the bill.
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