Impact of COIN Investments Estimated to Reach $29 Billion
Last week, a report was released by the Department of Insurance (DOI) detailing the progress of the California Organized Investment Network (COIN) program from 2011 through 2018. The mission of COIN is to generate investments in underserved communities. However, the program, which includes the Community Investment Survey (CIS) Data Call and the COIN Community Development Financial Institutions (CDFI) Tax Credit, sunset in 2017. In recognizing the benefits of COIN, as well as the importance of insurer investments to the stateís economic development, the report recommends that policymakers reinstate the tax credit and further authorize DOI to obtain annual reporting on qualified investments.
The report shows that, based on prior data call findings and COINís tracking of insurersí investments, the program has been successful. Insurance company holdings in community development and green investments have consistently increased, and specifically, more than tripled from $6.6 billion at the end of 2010 to $22 billion at the end of 2015. The report also estimates that, by the end of 2018, COIN investments will reach $29 billion.
For more information, please see http://www.insurance.ca.gov/0400-news/0100-press-releases/2019/upload/nr004-19COINReportDecember01-03-19-2.pdf.