California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 7.6.1 - California Organized Investment Network › Article 1 - Purpose and Scope; Definitions › Section 2696.22 - Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For purposes of this subchapter, the following definitions
					 apply:
(a) "Applicant" means either
				  (1) an organization seeking CDFI certification, or (2) a CDFI seeking a tax
				  credit certificate from COIN, as indicated by the context of the provision
				  where the word appears.
(b)
				  "Application" means either (1) documents submitted by the deadline specified by
				  COIN by which an organization requests certification by COIN, or (2) documents
				  submitted by the deadline specified by COIN by which a CDFI requests a tax
				  credit certificate, as indicated by the context of the provision in which the
				  word appears. "Application" also includes any documents submitted after the
				  deadline at the request of COIN or with COIN's consent.
(c) "California Organized Investment Network"
				  ("COIN") means the unit within the Department of Insurance that reviews
				  applications for CDFI certification and applications for CDFI tax credit
				  certificates.
(d) "CDFI" means
				  community development financial institution.
(e) "Certification" means the status
				  conferred by COIN on a CDFI authorizing the CDFI to receive qualified
				  investments and apply for tax credits on behalf of taxpayers.
(f) "COIN" means the California Organized
				  Investment Network.
(g) "Certified
				  CDFI" means a CDFI that COIN has authorized to apply for tax credits under the
				  program.
(h) "Community development
				  financial institution" ("CDFI") has the meaning specified in sections
				  12209(h)(2),
				  17053.57(g)(2)
				  and
				  23657(g)(2)
				  of the Revenue and Taxation Code.
(i) "Department" means the California
				  Department of Insurance.
(j) "Green
				  investment" has the meaning specified in Section
				  926.1(e)
				  of the Insurance Code.
(k) "High
				  unemployment area" means a county with an unemployment rate 25 percent higher
				  than the California average unemployment rate, if that statewide rate is less
				  than 10%. "High unemployment area" means a county with an unemployment rate 15
				  percent higher than the California average unemployment rate, if that statewide
				  rate is greater than 10%.
(l)
				  "Insurer" means organizations holding a certificate of authority from the
				  Department, admitted reciprocal exchanges and home protection
				  companies.
(m) "Low-to-moderate
				  Income" ("LMI") means "low-income" and "moderate- income" as those terms are
				  defined in Section
				  926.1 of
				  the Insurance Code.
(n)
				  "Low-to-moderate income area" means a geographical area in which the median
				  household income is less than 80% of the statewide average.
(o) "Program" means all acts and duties
				  related to the purposes or requirements of sections
				  12209,
				  17053.57
				  and
				  23657
				  of the Revenue and Taxation Code.
(p) "Qualified investment" has the meaning
				  specified in sections
				  12209(h)(1),
				  17053.57(g)(1)
				  and
				  23657(g)(1)
				  of the Revenue and Taxation Code.
(q) "Rural area" means any open country or
				  any place, town, village, or city which by itself and taken together with any
				  other places, towns, villages, or cities that it is part of or associated with:
(a) has a population not exceeding 10,000;
				  or
(b) has a population not
				  exceeding 20,000 and is contained within a nonmetropolitan area. "Rural area"
				  additionally includes any open country, place, town, village, or city located
				  within a Standard Metropolitan Statistical Area (as defined in section
				  926.1(i)
				  of the Insurance Code) if the population thereof does not exceed 20,000 and the
				  area is not part of, or associated with, an urban area and is rural in
				  character.