Insurers: diversity.

Existing law establishes the California Organized Investment Network within the Department of Insurance to, among other things, pursue active measures to encourage insurers to make investments in California's underserved and low-to-moderate-income communities. Existing law encourages insurers to be supportive of investments that promote social, economic, and environmental benefits. This bill would additionally encourage insurers to consider making investments with diverse investment managers to the extent possible. The bill would define "diverse investment managers" for this purpose to mean investment management organizations located in, or actively making and holding investments in, California whose investment managers are composed of at least 51% women, veterans, minorities, or lesbian, gay, bisexual, transgender, or queer persons, or a combination of persons in those groups. Existing law requires each admitted insurer with premiums written equal to or in excess of $100,000,000 to provide information to the Insurance Commissioner every 2 years on its minority, women, LGBT, veteran, and disabled veteran-owned business procurement efforts, as well as its governing board and board diversity efforts, during the previous 2 years. Existing law requires the commissioner, by November 1 of the reporting year, to establish and maintain a link on the department's internet website that provides public access to the information submitted. This bill would require an admitted insurer with premiums written equal to or in excess of $75,000,000 to provide the above-described procurement and board diversity information to the Insurance Commissioner every 2 years. The bill would also require an insurer to provide to the commissioner a board diversity policy statement or a measurable goal or goals to include at least one diverse board member on its board of directors. The bill would require the commissioner to publish the board diversity information and the board diversity policy statement or measurable goal or goals on its internet website in the aggregate.