Calif. could force investment reporting

The California Assembly is considering a bill that 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 requiring biannual reporting. The bill passed the committee by a vote of 13-4. The bill now is before the full Assembly.