SB 534 Would Require California’s Largest Insurers to Report Their Supplier Diversity and Governing Board Diversity
Contact: Bruce Mirken, Greenlining Institute Media Relations Director, 510-926-4022 (office), 415-846-7758 (cell)
SACRAMENTO – This afternoon the Senate Insurance Committee will consider legislation to promote diversity in California’s insurance industry, SB 534, introduced by Sen. Steven Bradford (D-Gardena). The measure, also strongly supported by Insurance Commissioner Ricardo Lara and The Greenlining Institute, would require the largest players in the state’s $310 billion insurance industry to report on their level of contracting with businesses owned by women, people of color, veterans and LGBT individuals. It would also require insurers to report on the diversity of their governing boards and set goals for supplier and board diversity. The measure is modeled on a number of prior, highly successful diversity initiatives based on reporting and transparency.
WHAT: Senate Insurance Committee hearing on SB 534
WHO: Sen. Steven Bradford (D-Gardena); Department of Insurance Senior Deputy Commissioner and Legislative Director Michael Martinez; President/CEO of Leadership Education for Asian Pacifics, Inc. and Department of Insurance Diversity Task Force member Linda Akutagawa; Golden Gate Business Association board member and Department of Insurance Diversity Task Force LGBT representative Jay Greene; Greenlining Institute Health Equity Director Anthony Galace; members of the committee
WHERE: State Capitol, Room 112
WHEN: Wednesday, April 10, 1:30 p.m.
For further background on the bill, see Anthony Galace’s blog post.