
SACRAMENTO – Last week, Senator Steven Bradford (D-Gardena) introduced Senate Bill 655. This bill will codify reporting requirements for underrepresented groups on insurance company governing boards, lower the existing California premium reporting threshold value for board and supplier diversity data from $100 million to $75 million, and define the term Diverse Investment Managers in the COIN program. The bill is sponsored by Insurance Commissioner Ricardo Lara.
“Sometimes sunlight is the best disinfectant,” said Senator Bradford. “Commissioner Lara and I have been working together to collect data on the diversity of the insurance market and make sure that it really reflects the diversity of the State of California. Unsurprisingly, what we are seeing from that data is that isn’t happening at the highest levels of governance. But let’s be clear, this lack of diversity exists in aspects of government and business in California. This bill builds upon our previous work by ushering insurers to implement measurable goals for inclusivity.”