trending Market Intelligence /marketintelligence/en/news-insights/trending/y9IK3tQKNHpdvf6ZGgpnRw2 content esgSubNav
In This List

Select states to roll out insurance governing board diversity survey first week in May


Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions


The World's Largest P&C Insurers, 2023


The Worlds Largest Life Insurers, 2023


Essential IR Insights Newsletter Fall - 2023

Select states to roll out insurance governing board diversity survey first week in May

TheNew York Department of Financial Services, along with other state insurancedepartments, plans to issue a survey to insurers the first week in May tocollect data on the diversity of their governing boards as well as theirvendors and other suppliers.

Spokespersonsfrom the New York Department of Financial Services, the Washington StateDepartment of the Insurance Commissioner and the Florida Office of InsuranceRegulation confirmed their participation in the survey project. The survey willgo to health, life, and property and casualty insurers with at least $300million in nationwide premiums licensed in seven jurisdictions identified forthe survey, according to an internal insurance industry memo referencing theNew York Department of Financial Services plans. The survey does not extend tobanking institutions.

Theresults of the surveys will be made public. The otherjurisdictions participating are California, Minnesota, Oregon and Washington,D.C.

Californiahas been leading the diversity survey effort and has already completed a roundof surveys examining the diversity among insurance governing boards with its 2014 Governing Board Diversity Survey.

TheCalifornia Department of Insurance's survey required all companies with writtenpremiums of $100 million or more in California to report on the demographiccomposition of the board, leadership amongst its diverse board members, andoutreach efforts and strategies to diversify board membership, according to its website.

TheCalifornia surveyasked for the ethnic, gender and disabled veteran status composition ofinsurance company board members. It also asks for the number of board memberswho publicly identify as lesbian, gay, bisexual and/or transgender.

Beforeits mandatory survey, the California Department of Insurance held a voluntarydata call in 2011 that also included questions about the demographiccomposition of insurance company boards.

Accordingto the California Department of Insurance's website, the Insurer SupplierDiversity Survey requires all insurers with written premiums in Californiaof at least $100 million "to report their procurement efforts with diversebusinesses." The department intended the survey "to facilitatesupplier relationships between insurers and California's diverse businesses."

Insurerswill be notified about the new multistate survey process via an email to eachcompany's government affairs contact with instructions about how to proceed,according to the industry memo.