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News & Press: Sacramento Report

New Insurance Company Reporting for LGBT Enterprises; Board Diversity; and Permitting Data Calls

Tuesday, May 16, 2017  
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California requires admitted insurers with premiums of $100,000,000 or more to periodically submit reports to the Insurance Commissioner on its minority, women, and disabled veteran-owned business procurement efforts. Assembly Bill 601 (Ridley-Thomas) adds veteran and lesbian, gay, bisexual, and transgender (LGBT) business enterprises to the required report.  

Assembly Bill 601 also requires insurers to report their policies for recruiting and soliciting board members and the insurer’s goals surrounding board diversity, including outreach and communications strategies to diversify its board.  A similar bill, Senate Bill 488 (Bradford) is pending in the Senate.

In addition, AB 601 permits the Commissioner to initiate a data call by means of a bulletin rather than a regulation regarding obligations under an insurance contract, consumer behavior in selecting products or coverage limits, underwriting and marketing practices, and the characteristics or behavior of claimants and insureds.

California Land Title Association

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