Insurers: minority, women, LGBT, veteran, and disabled veteran business enterprises.

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 on all of its community development investments and community development infrastructure investments in California. This bill would require those insurers to also report to the commissioner on their minority, women, LGBT, veteran, and disabled veteran-owned business procurement efforts, as specified. Under the bill, a failure to report the information by the reporting deadline would subject the admitted insurer to civil penalties to be fixed and enforced by the commissioner, as provided. The bill would also require each of those insurers to report to the commissioner regarding the demographic makeup of the insurer's governing board and the insurer's goals regarding board diversity. The bill would require an insurer to provide each board member with an opportunity to participate in a survey for the purposes of collecting the demographic information, and would require an insurer to submit that information to the department in the aggregate. Under the bill, the demographic information would be confidential and the bill would prohibit the department or an insurer from releasing that information, except as provided by the bill. The bill would require the above-described information to be reported to the commissioner on July 1, 2020, and then biennially thereafter. The bill would require the commissioner, by November 1 of each reporting year, to establish and maintain a link on the department's internet website that provides public access to the reported information. The bill would require the commissioner to establish and appoint an Insurance Diversity Task Force to advise the department on the best methods to increase procurement with diverse suppliers and to increase diversity on governing boards within the insurance industry. Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect.