| Chapter 259 of the Acts of 1998 established two new entities: the Massachusetts Life Insurance Company Community Investment Initiative and the Massachusetts Property and Casualty Insurance Company Community Investment Initiative. |
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| The Massachusetts Life Insurance Company Community Investment Initiative and the Massachusetts Property and Casualty Insurance Company Community Investment Initiative were created for the purpose of enabling insurance companies to invest and reinvest funds in community development efforts. Specifically, the Initiatives were established in order for insurance companies to invest in: minority or women business enterprises; small businesses, rental housing or home ownership opportunities targeted to low and moderate income households or low and moderate income communities; job opportunities for low and moderate income household members living in low and moderate income communities; community health centers that serve low and moderate income communities; the Community Development Finance Corporation; the Massachusetts Capital Access Program; and/or the Massachusetts Housing Partnership Fund. Participating life insurance companies can reduce their net investment income tax rate if they contribute the required amount to the Life Initiative. Likewise, P&C insurance companies can reduce their gross investment income tax rate if they contribute the required amount to the P&C Initiative. Each Initiative is required to file an annual report with the Commissioner of Insurance and with the Clerks of the House and Senate. The reports provide details on all the investments made by the Initiatives. These reports are on file at the Division of Insurance and are available to the public. Please click Public Records Request to request a copy of a report. The Initiatives may be contacted directly at: |
| The Property and Casualty Initiative The Property and Casualty Initiative (pcifund.com) The Life Initiative The Life Initiative | The Massachusetts Life Insurance Community Investment Initiative |
Chapter 259 of the Acts of 1998