The California Department of Insurance is reporting that 199 of the 203 large insurers operating in the state have filed community investment reports.
California has required financial institution community investment reports for years, but the state updated and expanded the reporting requirements in 2010, when Assembly member Jose Solorio, D-Central Orange County, Calif., the chair of the Assembly Insurance Committee, steered Assembly Bill 41 through the Legislature.
The bill, which was signed into law by then Gov. Arnold Schwarzenegger, R, now requires “each insurer that collects more than $100 million in premiums from Californians to file a policy statement detailing that company’s goals for community development and infrastructure investments in underserved communities,” according to officials at the California department.
The California department publishes the community investment reports on its website.
Only two life insurers missed the community investment report filing deadline, and 67 insurers that were not required to file the reports filed the reports anyway.
A report is supposed to describe an insurer’s community investment goals and geographic areas served.
Metropolitan Life Insurance Company, a unit of MetLife Inc., New York (NYSE:MET), writes in the report that it wants to support California community development and infrastructure projects through investments in commercial mortgages, real estate investments, bonds, housing tax credit investments, and renewable energy investments.
MetLife companies have made about $2.7 billion in investments from 1997 to 2008. And it also has a social investment program that makes investments of about $3 million to $5 million per project.