COIN maintains an open window application process with applications to be continuously received via email or directly mailed to the department.
COIN will review applications to determine compliance with the investment policy. All applicants must satisfy the investment policy to be deemed eligible for COIN bulletin investments. In the event an applicant does not meet the investment policy, COIN will communicate the reasons, offer technical assistance, and if desired by the applicant, assist to revise the proposal in a manner consistent with the investment policy, to the extent possible.
COIN will notify the applicant of the results of the investment policy review upon completion of the eligibility review of the application.
Proposals which are deemed eligible for a COIN facilitated investment will be made available through the Department’s bulletin process and available to all insurance companies doing business in California. COIN will be responsible for tracking COIN-facilitated investments.
COIN approval of the High Impact Investment Bulletins are valid for no more than one calendar year (after capital is raised) and COIN will request updated information annually. Once the purpose or the effect of the investment differs from originally portrayed, COIN reserves the right to withdraw the designation of COIN High Impact Investment Bulletins.
Types And Amounts Of Investments
COIN intends to facilitate the offering of a comprehensive array of investment products responsive to capital needs of low-to-moderate income and rural communities, as well as green investments that yield environmental benefits. Accordingly, the COIN investment policy envisions no limit on the type or nature of capital investment which insurance companies may provide to eligible proposers. However, broadly categorized, COIN-facilitated investment products may be versions of debt, equity, or credit enhancement. (See Appendix II for examples of qualified asset classes from NAIC Schedules.)
COIN will not solicit proposals for grants or charitable giving. COIN encourages proposers throughout California to be bold, ambitious and innovative in developing proposals for insurance industry funding which complies with COIN’s investment policy. COIN’s investment policy does not envision a limit on the dollar amount of COIN investment proposals and commitments.
Three Guiding Investment Principles
Investments applying for the bulletin must meet the following three conditions:
- Investment must have no less than 50% of its total capital focused in “California Companies”
- Provide either proven social impact to LMI people or communities and/or environmental benefit in California
- Provide safe, sound, and solvent investments offering an acceptable financial return