CA AB566

Requires admitted insurers with annual California premiums of $100,000,000 or more to report community development investments, infrastructure investments, and green investments to the Insurance Commissioner between June 1 and July 1, 2018, for reporting years 2016 and 2017, submitted through data call only.

Directs the Insurance Commissioner to publish aggregate insurer investment information on the department's website no sooner than July 1, 2019, and no later than December 31, 2019, including data on California public debt purchases and green investments.

Establishes a task force convened by the Insurance Commissioner to study strategies for increasing insurer investments in low- to moderate-income communities, evaluate the effectiveness of the California Organized Investment Network (COIN), and recommend establishment of a clearinghouse for COIN-eligible investments, with recommendations due to the Legislature between July 1 and December 31, 2019.

Authorizes the Insurance Commissioner to initiate data calls by bulletin for subjects directly relating to insurance contracts, consumer behavior, underwriting practices, and claimant characteristics, and requires adoption of regulations for data calls on other subjects, limiting calls to California activity only.

Establishes 20% tax credits for taxable years 2017 through 2021 under the Personal Income Tax Law, Corporation Tax Law, and insurance company tax for qualified investments in community development financial institutions certified by COIN, with a $50,000,000 annual cap and priority given to insurance company investors, repealing December 1, 2022.