SB 713 Summary

• Increases discretionary investment limits for domestic insurers until January 1, 2027, if the Insurance Commissioner approves the investment in advance and COIN identifies it as a qualified investment in community development or underserved areas.

• Requires the Insurance Commissioner to submit a report to the Legislature by December 31, 2025, detailing investments made under the increased limitations, with focus on impact and community development investments.

• Extends authorization for the State Compensation Insurance Fund to invest up to 20% of excess moneys in specified corporate stock and mortgage-related instruments until January 1, 2027.

• Authorizes the State Compensation Insurance Fund to make discretionary investments in properties and securities, limited to 2.5% of admitted assets or 10% of excess moneys, until January 1, 2027.

• Permits the State Compensation Insurance Fund to invest in money market mutual funds (excluding foreign investments) up to 2.5% of admitted assets or 10% of excess moneys until January 1, 2027.